{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending",
            "Financial Derivative Instruments (EPM)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, using physical replication to track the MSCI Europe Health Care 35/20 Capped Index. While it may use derivatives, this is limited to efficient portfolio management (EPM). Securities lending is employed but capped at 40%, suggesting it's a secondary activity with managed risks. Based on the provided data, the ETF's structure is transparent and risks are primarily related to market volatility (risk category 6), with no indication of complex indices or structures that would prevent retail investors from understanding the investment. The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. This fund seeks to track the performance of European large and mid-sized companies in the Health Care sector. Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.",
        "complex": false,
        "explanation": "The UCITS ETF uses physical replication and limits derivatives to EPM. Securities lending is managed within UCITS rules. This makes it likely non-complex, as its structure and risks are relatively easy for retail investors to understand."
    }
}