{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Sector Concentration Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is passively managed and aims to reflect the performance of the MSCI World Health Care Total Return Net index through physical replication. The KIID states that the fund is classified in category 6 of the risk-reward profile, indicating potentially high fluctuations in value and a high likelihood of both losses and gains. However, this classification relates to market risk, not structural complexity. The document mentions that the fund may use derivatives for efficient portfolio management (EPM) to manage risk, reduce costs, and improve results, but these are not integral to achieving the investment objective. The use of derivatives for EPM, if limited and with minimal impact on the risk-return profile, does not automatically classify an ETF as complex. The document also mentions securities lending, which can introduce counterparty risk, but this is generally managed within UCITS rules and does not automatically lead to a complex classification if it's a secondary feature with robust risk mitigation. No other features like leverage, embedded derivatives, or complex indices are highlighted as core to the ETF's strategy. Therefore, based on the provided information, the ETF is presumed non-complex. The sector concentration risk is noted, but this relates to market risk rather than the complexity of the instrument's structure or payoff."
    }
}