{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives",
            "Counterparty Risk",
            "Complex Underlying Assets"
        ],
        "classification": "complex",
        "supporting_data": "Although this is a UCITS-compliant ETF using a physical replication method (stratified sampling), it is classified as complex for several key reasons. The Key Investor Information document explicitly states that exposure to the index components can be achieved 'through the use of derivatives'. This indicates that derivatives are not just used for efficient portfolio management (EPM) but are potentially integral to the investment strategy. The document further highlights that the use of derivatives can 'give rise to market risks as well as potential loss due to failure of counterparty', directly introducing counterparty risk, a concept considered difficult for retail investors to understand. Additionally, the fund invests in 'Emerging market bonds' which are subject to 'high credit risk' and may include 'less liquid assets'. The combination of integral derivative use, the introduction of counterparty risk, and the inherent complexity of emerging market debt instruments overrides the standard presumption of non-complexity for a UCITS ETF."
    }
}