{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication, tracking the MSCI Europe Industrials 35/20 Capped Index. Derivatives are only used for efficient portfolio management (EPM). Securities lending is employed but is capped at 40% of the net asset value and is well-managed, not dominating the risk profile.  The fund invests primarily in securities included in the Index. There are no swaps, leveraged positions or any other indicators of a complex structure. The index that is tracked is a caped index of the industrial sector. ",
        "complex": false,
        "non-complex": true,
        "explanation": "The ETF is a UCITS ETF with physical replication. Although it uses securities lending, it is within UCITS limits and does not dominate the risk profile. There are no derivatives used as an essential component of the strategy."
    }
}