{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Sector Concentration"
        ],
        "classification": "non-complex",
        "supporting_data": "The Global X Telemedicine & Digital Health UCITS ETF is presumed non-complex as it is a UCITS ETF. Its investment objective is to track the Solactive Telemedicine & Digital Health Index using physical replication by investing primarily in equity securities. The KIID states that the Fund may enter into securities lending, repurchase, and reverse repurchase transactions for efficient portfolio management only, which does not automatically make it complex. The risk profile indicates high volatility (category 7), but this is attributed to market movements of underlying investments, not structural complexity. There is no mention of embedded derivatives, leverage beyond UCITS limits, or complex indices that would be difficult for a retail investor to understand. The concentration in the Telemedicine & Digital Health sector is noted as a risk factor, but sector concentration itself does not render an ETF complex under MiFID II. The KIID clearly states it aims to track an index by holding underlying securities, which is a physical replication method. Therefore, based on the provided information, the ETF is classified as non-complex."
    }
}