{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to achieve a return reflecting the MSCI Europe Energy 20/35 Capped Index. It achieves this by holding the equity securities that make up the index, which is a physical replication method. The index itself tracks large and mid-cap companies in the European energy sector and has diversification caps on the largest companies. There is no mention of embedded derivatives, leveraged instruments, or complex underlying assets that would make the structure or risks difficult for a retail investor to understand. Securities lending is mentioned as a method to generate income, but this is a common practice for ETFs and, when managed within UCITS rules with collateral requirements, does not typically render an ETF complex. The risk indicator is rated as seven, but this reflects market risk rather than structural complexity, as supported by the general framework. The ETF is a UCITS, which carries a presumption of being non-complex."
    }
}