{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the S&P U.S. Consumer Discretionary Select Sector Daily Capped 25/20 Index using a replication strategy, indicating physical replication. Derivatives are permitted for efficient portfolio management (EPM). Securities lending is permitted up to 40% of NAV with collateralization managed within UCITS rules. The ETF tracks an index with well-known large cap stocks. The risk rating 7/7 reflects market volatility, rather than structural complexity.",
        "explanation": "The UCITS ETF uses physical replication to track a transparent index. Derivatives are limited to EPM with minimal impact on risk-return. The structure and risks are easily understood by retail investors with basic knowledge. Securities lending is well-managed within UCITS rules and doesn't dominate the risk profile, and there is no significant leverage or opaque features. All these factors support a non-complex classification."
    }
}