{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Emerging Markets Exposure",
            "Currency Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares EM Dividend UCITS ETF USD (Dist) Share Class is a UCITS ETF that aims to replicate the Dow Jones Emerging Markets Select Dividend Index. The ETF employs a physical replication strategy, investing in the equity securities that make up the index. The information document highlights that emerging markets exposure inherently carries higher risks due to greater sensitivity to economic and political conditions and potential liquidity issues. Currency risk is also noted as the Fund invests in other currencies, and exchange rate fluctuations will affect the investment's value. However, the ETF does not appear to use derivatives as an integral part of its strategy, nor does it have complex embedded features. The index itself is described as measuring the performance of leading stocks by dividend yield in emerging markets, and while these markets are considered higher risk, the index methodology is generally transparent. The risk rating of six (out of seven) is attributed to the nature of its investments (emerging markets), not to structural complexity. Securities lending is mentioned as a way to generate additional income, but this is a common practice for UCITS ETFs and does not automatically render them complex, especially when managed within regulatory guidelines with collateral requirements. Based on the provided information, the ETF tracks a broad equity index using physical replication and does not incorporate complex derivative strategies or instruments that would make it difficult for a retail investor to understand its structure or risks beyond standard market and emerging market risks. Therefore, it is classified as non-complex according to MiFID II regulations."
    }
}