{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Emerging markets exposure.  Potential for currency risk. Investment in financial derivative instruments (FDIs) for efficient portfolio management.",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the performance of the FTSE Emerging All Cap ex CW ex TC ex REITs Dividend Growth with Quality Net Tax Index. The replication method is primarily physical, involving investing in a representative sample of equity securities contained in the Index. Derivatives (FDIs) are mentioned as a possibility but the limited derivative use for EPM can sometimes be flagged as complex by regulators (e.g., ESMA), especially if it introduces counterparty risk, though some providers argue this should not automatically trigger complexity if the impact is negligible. Given the primary investment strategy of investing in a representative sample of the equity securities contained in the Index whose risk and performance characteristics closely resemble that of the Index as a whole the asset is deemed non-complex",
        "complex": false,
        "explanation": "The fund is a UCITS ETF, which generally presumes non-complexity. It primarily uses physical replication and derivatives are only used for efficient portfolio management. Therefore, the fund is classified as non-complex."
    }
}