{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Concentration Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication to track the S&P U.S. Communication Services Select Sector Daily Capped 35/20 Index. It may use financial derivative instruments for efficient portfolio management, but this is not central to its investment strategy. The fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. In limited circumstances the Fund may purchase securities that are not included in the Index.The index itself tracks large sized U.S. communication services companies in the S&P 500 Index. The KID risk scale is risk category 6 as its return has experienced very high rises and falls historically but is unlikely to introduce risks of misunderstanding. The main identified complex factor is Concentration Risk: When the Fund focuses its investments in a particular way, the issues affecting the investments will have a greater effect than if the Fund was more diversified. This concentration may also limit the Fund's liquidity. Market risk alone doesn't make an ETF complex.",
        "reason": "The UCITS ETF primarily employs physical replication and utilizes derivatives for efficient portfolio management (EPM), not as a core component of its investment strategy. While concentration risk is identified, the overall structure and risks associated are deemed straightforward enough for retail investors with basic knowledge to understand."
    }
}