{
    "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 S&P 500 Capped 35/20 Financials Index. It directly invests in equity securities that make up the index, which aligns with physical replication. The document states the fund is passively managed and invests in equity securities, and 'intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.' There is no mention of derivatives being integral to the investment objective or strategy, nor any other complex features like leverage or embedded derivatives. Securities lending is mentioned as a means to generate additional income to offset costs, which is generally considered a non-complex ancillary activity if managed within UCITS rules and with proper collateral. The index itself, S&P 500 Financials Sector, is a broad market sector index, which is considered understandable for a retail investor. The risk profile is rated 7, but this is attributed to market volatility and concentration in a specific sector, not structural complexity. The document explicitly states UCITS are presumed non-complex unless specific features indicate otherwise, and this ETF appears to fit the non-complex criteria."
    }
}