{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG criteria in index construction",
            "Emerging Markets risk"
        ],
        "supporting_data": "The ETF tracks the MSCI EM ex China ESG Selection P-Series 5% Issuer Capped Index. It uses direct replication, holding underlying securities. While it can use derivatives for EPM and securities lending, these are not integral to its core strategy. The index is equity-based and focuses on emerging markets excluding China, with ESG considerations. The KID highlights emerging markets risk and liquidity risk. Based on the provided rules and the information in the KIID, the ETF is considered non-complex. The ESG component of the index and the emerging markets focus contribute to the risk profile but not to structural complexity that would render it difficult for a retail investor to understand. The mention of derivatives for EPM and securities lending, if managed within UCITS rules and not dominant, do not automatically trigger complexity.",
        "classification": "non-complex"
    }
}