{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Index composition (sector-specific)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the STOXXu00ae Europe 600 Travel & Leisure Price Index, which is a sector-specific index. While sector-specific indices can introduce concentration risk, they do not inherently make the ETF 'complex' under MiFID II if the underlying instruments are straightforward equities and the replication method is physical. The KIID states that the fund mostly invests in equities and that it is not the Investment Manager's intention to leverage the Fund, though minimal leverage may be generated from time to time for efficient portfolio management. This minimal use of derivatives for EPM, if any, does not typically render a UCITS ETF complex. The ETF uses physical replication. The risks mentioned (investment risk, market movements) are standard for equity ETFs and do not indicate structural complexity. There is no mention of embedded derivatives, swaps, or other complex structures. Therefore, based on the provided information and the MiFID II framework, the ETF is classified as non-complex."
    }
}