{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending",
            "Derivative Use for Efficient Portfolio Management",
            "Index Capping"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and uses a physical replication strategy, which generally supports a non-complex classification. It seeks to track the performance of the S&P U.S. Financials Select Sector Daily Capped 25/20 Index. The ETF may use derivatives for efficient portfolio management. The fund's maximum exposure to securities lending as a percentage of its Net Asset Value will not exceed 40% as disclosed in the document. While securities lending introduces counterparty risk, the document states the ETF operates under UCITS rules. Since derivatives are used primarily for EPM and not integral to achieving the investment objective the asset can be considered non-complex. Because there is index capping, it requires someone to understand the rules of the cap, therefore, this has the potential to be complex. Because the fund tracks a very common index it will be considered non-complex."
    }
}