{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "S&P 500 Capped 35/20 Materials Index methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the S&P 500 Capped 35/20 Materials Index using physical replication. The index composition, while specific to the materials sector, is based on a well-established broad market index (S&P 500) with capping applied for diversification. The KIID indicates that the fund is passively managed and aims to invest in equity securities that make up the index. The information available does not suggest the use of complex derivatives integral to the strategy, nor does it indicate any other features that would make the structure or risks inherently difficult for a retail investor with basic knowledge to understand. While securities lending is mentioned, it's described as a way to offset costs and does not appear to be a primary driver of complexity. The risk rating (6) reflects market risk, not structural complexity. The CESR guidance states that UCITS are generally presumed non-complex, and this ETF falls within that category without any specific features that would overturn this presumption based on the provided KIID."
    }
}