{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Emerging Market Bonds",
            "Derivatives",
            "Currency Hedging",
            "3% Capped index"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant but tracks an index of emerging market bonds. It uses a stratified sampling approach to replicate the J.P. Morgan USD EM Diversified Bond 1-5 Year Bond Index (Total Return). The fund takes proportionate exposure on the components of the J.P. Morgan USD EM Diversified 3% capped 1-5 Year Bond Index using derivatives or a combination of direct investments and derivatives. The share class is currency-hedged, selling currency forwards. Emerging market bonds are subject to high credit risk, and the use of derivatives can give rise to market risks and potential loss due to counterparty failure.The index itself contains a 3% cap which can add to the lack of easy understanding. These factors mean the ETF is classified as complex.",
        "explanation": "While the ETF is UCITS compliant, its use of derivatives for replication and currency hedging, combined with the inherent risks of emerging market bonds, leads to a complex classification under MiFID II. The 3% capping of the index adds an additional element of complexity."
    }
}