{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, and aims to track the Solactive Lloyd Focused Equity Index using a passive management approach. The fund employs a replication methodology to mirror the index as closely as possible, investing in securities in proportion to the index weights. The KIID specifies the fund invests in securities and is equity focused in developed markets. This information supports a non-complex determination, as the risks and structures are clear.",
        "explanation": "This UCITS ETF uses physical replication and aims to track a rules-based index. The KIID specifies that the fund employs a replication methodology to mirror the index as closely as possible, investing in securities in proportion to the index weights. The KIID specifies the fund invests in securities and is equity focused in developed markets. No embedded derivatives or leveraged strategies are mentioned, which supports a non-complex classification.",
        "complex": false,
        "non-complex": true
    }
}