{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF tracks the Solactive GBS Emerging Markets Large & Mid Cap USD Index, which is an equity index. The replication method is direct, meaning it invests in transferable securities representing the index constituents. Derivatives may be used for efficient portfolio management (dealing with inflows/outflows and improving exposition) but are not integral to the strategy. Securities lending may be used to generate additional income, which is a common practice and does not automatically render the ETF complex, provided it's well-managed and collateralized. The objective, structure, and risks (market volatility, tracking error, emerging markets risk) are considered understandable for a retail investor with basic knowledge. The ETF is UCITS compliant, implying adherence to diversification and liquidity rules. There is no mention of leverage, embedded derivatives, or complex underlying assets that would increase opacity or difficulty in understanding. The index itself is a standard equity index. The risk profile described relates to market risk, not structural complexity. Based on these factors, the ETF is classified as non-complex."
    }
}