{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Emerging Markets Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to reflect the performance of the MSCI Malaysia TRN index, which tracks large and medium-sized companies from Malaysia. The investment policy states it will replicate the index by buying all or a substantial number of the securities in the index. This indicates physical replication. The document mentions that the fund may use derivatives for efficient portfolio management (EPM) to manage risk, reduce costs, and improve results, but these are not integral to achieving the investment objective. The risk indicator is category 5, which is considered relatively high, but this is due to market fluctuations and not structural complexity. The fund explicitly states it is a UCITS ETF, which are generally presumed non-complex under MiFID II. There is no mention of embedded derivatives, leverage, or complex underlying instruments that would make it difficult for a retail investor to understand. The mention of emerging markets risk is a risk factor but not a complexity factor for MiFID II purposes."
    }
}