{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which carries a baseline presumption of being non-complex. It aims to replicate the MSCI South Africa 20/35 Index by holding the underlying equity securities. The investment policy states it will invest 'so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.' This indicates physical replication, which is generally considered non-complex. While the document mentions the potential use of 'financial derivative instruments (FDIs)' to 'help achieve the Fundu2019s investment objective,' it specifies they 'may be used for direct investment purposes,' suggesting they are not integral to the core replication strategy and are not the primary means of tracking the index. The fund also engages in short-term secured lending, which is a secondary income-generating activity and not a primary driver of complexity. The index itself, MSCI South Africa 20/35, is a standard equity index with clear cap methodologies, not inherently complex in structure for retail understanding. The risks highlighted (market volatility, currency risk, emerging market risk) are standard market risks associated with equities and do not stem from complex product structures. Securities lending, as described, is within UCITS rules and not presented as a significant risk driver. Leverage is not mentioned as a feature. The 'Risk and Reward Profile' categorizes the fund as '7' due to the nature of its investments (emerging markets, equities) rather than complex product features. Therefore, based on the provided information, the ETF is classified as non-complex."
    }
}