{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the MSCI Europe ex-UK Index using physical replication, investing in the underlying equity securities of the index. The objective is to achieve a return that reflects the performance of the index. The KIID explicitly states it is passively managed and invests in equity securities. While it mentions 'optimising techniques' and 'financial derivative instruments (FDIs)' may be used, the primary investment strategy is physical replication. The use of FDIs is generally for efficient portfolio management, not integral to the core strategy. The index itself (MSCI Europe ex-UK) is a standard equity index and not described as complex. The risk profile is rated six, which is a market risk indicator and not indicative of structural complexity. Securities lending is mentioned as a secondary activity to generate income, with revenue sharing, and is stated to be excluded from ongoing charges, suggesting it's not a primary driver of risk or complexity. There is no mention of leverage beyond the standard UCITS limits, embedded derivatives, or capital protection. The document clearly states the fund aims to replicate an index by holding its constituents, which is a non-complex strategy. The KIID also mentions that the benchmark is the intellectual property of the index provider and the ETF is not sponsored by the index provider, which is standard practice. Therefore, based on the information provided, the ETF is classified as non-complex."
    }
}