{
    "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 aims to track the MSCI Europe Utilities 35/20 Capped Index using a replication strategy to mirror the index.  It primarily invests in securities included in the Index. The ETF uses securities lending with a maximum exposure of 40% of the Net Asset Value. Securities lending introduces counterparty risk but is well-managed within UCITS rules. It is not central to the strategy.",
        "complex": false,
        "non-complex": true,
        "explanation": "The ETF uses a replication strategy to track the index, which contributes to its transparency.  Although securities lending is used, it is a secondary feature and is managed within UCITS regulations. Therefore, it can be classified as non-complex."
    }
}