{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Solactive GBS Emerging Markets Large & Mid Cap USD Index, with direct investments in transferable securities representing the index constituents. While it mentions the possibility of using derivatives for managing inflows/outflows or better exposure to index constituents, this appears to be for efficient portfolio management rather than as an inherent part of the strategy. The risk profile is straightforward (equity market risk of emerging countries), and there are no indications of leverage, inverse exposure, or complex structured features. The fund is UCITS-compliant, which typically aligns with non-complex classifications under MiFID II. The fact sheet confirms physical replication and minimal tracking error, further supporting the non-complex determination.",
    "confidence": 90
}