{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF aims to track the MSCI Emerging Markets Index using Direct Replication, primarily through investments in transferable securities. The KIID explicitly states 'Direct Replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents'. While it mentions the possibility of using derivatives for dealing with inflows/outflows and for better exposition to index constituents, this is framed as a secondary capability and not integral to the core replication strategy. Furthermore, securities lending is mentioned as a way to generate additional income, which is a common practice for ETFs and does not inherently make them complex. The index itself is a well-known equity index composed of large and mid-cap stocks across emerging markets, which is generally considered understandable for retail investors. The risks highlighted (liquidity, counterparty, operational, emerging markets) are standard risks associated with emerging market equity investments and do not stem from complex financial structures or derivative usage that would be difficult for a retail investor to comprehend. Based on the provided rules, the primary focus for complexity in UCITS ETFs lies in the use of derivatives for replication (synthetic replication) or embedded derivatives. As this ETF uses direct/physical replication and any derivative use is for operational purposes and not core to its strategy, it adheres to the non-complex classification. It aligns with the principle of directly holding underlying assets and tracking a transparent index."
    }
}