{
    "success": true,
    "data": {
        "asset_name": "iShares MSCI EM Latin America UCITS ETF USD (Dist) Share Class",
        "isin": "IE00B27YCK28",
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Emerging Markets exposure",
            "Currency Risk"
        ],
        "supporting_data": "The ETF aims to replicate the MSCI EM Latin America 10/40 Index, which focuses on emerging market equities. Emerging markets generally carry higher risks due to economic and political sensitivities compared to developed markets. The ETF also mentions currency risk, as it invests in other currencies which can affect the investment value. While the core replication is physical and the index is generally transparent, the 'emerging markets' and 'currency risk' factors, combined with the inherent volatility of equities, mean that the risk profile is higher and potentially harder for a retail investor with basic knowledge to fully grasp, especially when considering the nuances of emerging market economies and currency fluctuations. The document mentions that the ETF uses optimising techniques which *may* include financial derivative instruments (FDIs) for direct investment purposes, but the primary stated aim is physical replication ('aims to invest so far as possible and practicable in the equity securities that make up the Index'). Given the primary method is physical replication and no specific complex derivative instruments are detailed as integral to the strategy, the complexity is not automatically triggered by derivative use. However, the combination of emerging market exposure and currency risk, which can add layers of complexity to understanding the overall risk and return profile, leans towards a more cautious classification.",
        "classification": "non-complex"
    }
}