{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Emerging Markets Exposure",
            "Currency Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI EM UCITS ETF USD (Dist) is a UCITS ETF that aims to replicate the MSCI Emerging Markets Index. The ETF primarily invests in the equity securities that make up the index, indicating a physical replication strategy. The prospectus mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes and for gaining exposure to certain securities via ADRs and GDRs. However, it states the fund aims to invest 'so far as possible and practicable in the equity securities... that make up the Index', suggesting that derivatives are not integral to the core replication strategy. The fund also engages in securities lending to generate income, which is a common practice and doesn't inherently make an ETF complex, provided it's managed within UCITS rules with collateral. The risk profile highlights emerging market risks and currency risk, which are market risks and not structural complexities. Based on the rules, a UCITS ETF employing physical replication, even with exposure to emerging markets, is generally presumed non-complex. The mention of potential FDI use is secondary to the primary investment in equities and not described as central to the strategy or as a means of synthetic replication. Therefore, it is classified as non-complex."
    }
}