{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS-compliant ETF, which establishes a presumption of non-complexity. This presumption is upheld as the fund employs a straightforward 'Direct Replication' (physical) method, holding the underlying securities of the index. This structure is transparent and easily understood. While the KIID notes that derivatives may be used, their purpose is explicitly limited to efficient portfolio management (EPM) such as managing inflows and outflows, not for achieving the investment objective. This ancillary use does not introduce significant structural complexity. Similarly, the use of securities lending is a secondary activity for generating income and does not make the product complex. The high risk rating of 6/7 reflects the market risk of emerging market equities, not structural complexity from its design."
    }
}