{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Emerging markets",
            "Currency risk",
            "Infrastructure securities risks"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares EM Infrastructure UCITS ETF USD (Dist) Share Class aims to achieve a return that reflects the S&P Emerging Market Infrastructure Index. It is passively managed and invests in equity securities that make up the index, which comprises 30 of the largest listed infrastructure companies in emerging markets. The ETF uses physical replication, holding the underlying equity securities. Derivatives may be used for efficient portfolio management but are not integral to the investment objective. The index methodology is likely transparent, and the underlying companies are large, listed entities. The risks highlighted (market volatility, currency risk, emerging market risks) are standard for equity investments and do not inherently make the ETF's structure or payoff complex for a retail investor with basic knowledge. Securities lending is mentioned as a cost-reduction measure, which is a common, non-complex practice. There is no mention of leverage, embedded derivatives, or complex structured products."
    }
}