{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. The primary reasons for this classification are:1.  **UCITS Presumption:** As a UCITS ETF, the fund is presumed to be non-complex unless specific features overturn this.2.  **Replication Method:** The KIID clearly states the fund uses physical replication ('by holding all of the Index securities'). This method is straightforward and transparent, making it easy for a retail investor to understand that the fund's value is directly tied to the shares it holds.3.  **Derivative Use:** Derivatives are permitted only for 'hedging and efficient portfolio management (EPM)'. They are not integral to achieving the investment objective (i.e., tracking the index), which is a key determinant for a non-complex classification. There is no use of swaps.4.  **Index Complexity:** The fund tracks the LibertyQ Emerging Markets Index, which uses a factor-based strategy (quality, value, momentum, low volatility). While this index methodology is more sophisticated than a standard market-capitalisation index, it does not make the ETF structurally complex. The index is composed of equities, and its methodology is disclosed. The complexity is in the stock selection strategy, not in the ETF's structure, which remains a straightforward physical holding of shares.In summary, the use of physical replication and the limited scope of derivative use for EPM purposes firmly place this ETF in the non-complex category, despite the more advanced nature of its underlying index."
    }
}