{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Concentration Risk",
            "Index Tracking Risk",
            "Liquidity Risk",
            "ETF Liquidity Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the performance of the S&P U.S. Energy Select Sector Daily Capped 35/20 Index using a replication strategy, which means it seeks to hold all the securities of the index. Derivatives may be used for efficient portfolio management (EPM). Despite the ETF's inherent features that lean towards a 'non-complex' determination under MiFID II, it does exhibit Concentration Risk (focusing on a single sector), Index Tracking Risk (performance may not exactly track the index), Liquidity Risk, and ETF Liquidity Risk, potentially making it harder for an average retail client to understand it."
    }
}