{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Total Return Swaps",
            "Concentrated Index"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to track the S&P India Tech Index, a concentrated index with the largest constituent weight capped at 15% and all others at 10%. The ETF can invest up to 10% in total return swaps and contracts for difference (though expected to be less than 5%). Although UCITS ETFs are generally presumed non-complex, the use of swaps introduces counterparty risk. Additionally, the index concentration adds another layer of complexity. While the ETF uses derivatives for efficient portfolio management (EPM) as well as some investment purposes, derivatives are mentioned. Also securities lending is identified adding complexity. The reference benchmark has a high level of concentration meaning a small number of securities make up a significant proportion of the benchmark. These factors, coupled with the risks associated with emerging markets and exchange rates, indicate that the ETF does not meet the criteria for non-complexity and that warrants a 'complex' classification.",
        "complex": true,
        "non-complex": false
    }
}