{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Emerging Market Bonds",
            "Currency Hedging via Forwards",
            "ESG Rating Application",
            "Derivatives Usage for Exposure"
        ],
        "classification": "complex",
        "supporting_data": "This ETF is UCITS compliant but is classified as complex under MiFID II due to its investment strategy and risk factors. It invests in emerging market bonds, which inherently carry higher credit and market risks. While it aims to track the J.P. Morgan USD EM IG ESG Diversified Bond Index, it uses a stratified sampling approach and may invest in securities not included in the index. Currency hedging is implemented using currency forwards, introducing complexities associated with forward contracts. The ETF may also use derivatives to achieve proportionate exposure to the index components. Although the fund promotes ESG characteristics, the use of derivatives and the underlying emerging market bonds contribute to its complexity, making it difficult for retail investors to fully understand its risks and performance drivers.",
        "complex": true,
        "non-complex": false
    }
}