{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is passively managed and aims to track the MSCI Emerging Markets Latam Index. Crucially, it employs an 'Indirect Replication methodology' and invests in a 'total return swap' to achieve this. The Key Investor Information Document explicitly states that 'Derivatives are integral to the Sub-Fund's investment strategies'. According to MiFID II and ESMA guidelines, the use of derivatives, particularly swaps, as an integral part of the investment strategy, introduces complexities such as counterparty risk and collateral risk, which are difficult for retail investors to understand. This use of derivatives, rather than physical replication, is a primary driver for its classification as complex."
    }
}