{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Index Methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The Fund is a UCITS ETF, which generally carries a presumption of being non-complex. It aims to replicate the Indxx Cybersecurity v2 Index using a physical replication strategy, primarily investing in equity securities that constitute the index. The KIID explicitly states that the Fund is passively managed and aims to replicate the index's performance. While the KIID mentions financial derivative instruments (FDIs) for efficient portfolio management, it specifies that these are 'total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes'. However, the primary method of replication is physical. The KIID also mentions currency risk and derivatives risk, but these are general risks for ETFs and do not inherently make this specific ETF complex in its structure or offering. The index itself, focusing on cybersecurity companies, might have inherent sector-specific risks, but the index methodology itself isn't described as complex in a way that would override the non-complex classification of the ETF's structure. There is no mention of leverage beyond what might be temporary borrowing for operational purposes (which is generally permissible and does not automatically trigger complexity). The absence of embedded derivatives and the use of physical replication are key indicators of a non-complex structure."
    }
}