{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Securities lending and potential for EPM derivatives introduce counterparty risk.",
        "classification": "non-complex",
        "supporting_data": "The ETF is classified as non-complex based on the MiFID II framework. It is a UCITS-compliant fund that uses direct physical replication ('Direct Replication') to track a transparent, well-known benchmark (MSCI Emerging Markets Index). This structure is straightforward and easy for a retail investor to understand. Although the KIID states that derivatives may be used for efficient portfolio management (EPM) such as managing inflows/outflows, and that securities lending is conducted to generate extra income, these features are not central to the investment strategy. Per the provided rules, derivative use for EPM does not automatically trigger a complex classification, and securities lending is a secondary feature managed within UCITS rules. The ETF does not use swaps, leverage, or track a complex index. Therefore, the presumption of non-complexity for this type of physically replicated UCITS ETF holds."
    }
}