{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "ESG criteria",
            "Emerging Markets",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is classified as complex due to its investment policy which aims to track the J.P. Morgan ESG EMBI Global Diversified Index. While the replication method is stated as 'optimising techniques' which may include 'physical replication' and 'strategic selection of certain securities', it also explicitly mentions the possibility of using 'financial derivative instruments (FDIs)'. The mention of FDI, even if for 'direct investment purposes', can introduce risks such as counterparty risk, which retail investors may find difficult to understand. Furthermore, the underlying index focuses on Emerging Market (EM) bonds, which are generally considered higher risk. The ESG criteria add another layer of complexity in understanding the selection and weighting of the underlying securities. The risk indicator is rated five out of seven, and specific risks mentioned include 'Counterparty Risk' and 'Credit Risk' in emerging markets, reinforcing the complexity."
    }
}