{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None identified.  The ETF uses physical replication to track a well-documented index, which is a key factor in the non-complex classification.  While the fund invests in emerging market bonds, this is not considered complex per se, given the straightforward nature of the replication methodology."
        ],
        "classification": "non-complex",
        "supporting_data": "The Vanguard USD Emerging Markets (USD) Distributing Government Bond UCITS ETF tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index using physical replication.  This means the fund holds the underlying securities of the index, making the fund's performance directly tied to the index.  The index itself is a well-defined, publicly available equity index, which further supports the non-complex classification.  No complex derivative strategies (e.g., synthetic replication, swaps) are mentioned, and leverage is not employed. The document explicitly states that the fund is appropriate for long-term investment, with an investment horizon of at least 3 years."
    }
}