{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks a Global Aerospace & Defence index. While the index methodology is stated as transparent the overall assessment is driven by the physical replication method and the use of derivatives for EPM which makes it a non-complex asset class. Securities lending is a secondary factor",
        "classification": "non-complex",
        "supporting_data": "The ETF uses physical replication to track the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index. The ETF uses derivatives for EPM purposes only. The KID states that the ETF is suitable for medium to long term investment. The risk is concentrated in specific sectors. Given the physical replication method and the use of derivatives for EPM, alongside the absence of any other complex features (leverage, embedded derivatives, etc.), it's reasonable to classify this ETF as non-complex. Securities lending is a secondary feature, well-managed within UCITS rules (e.g., collateral requirements), and doesn't dominate the risk profile."
    }
}