{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending",
            "S&P Industrials Select Sector Daily Capped 25/20 Index"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, uses physical replication, and aims to track the S&P U.S. Industrials Select Sector Daily Capped 25/20 Index. Although it engages in securities lending, the documentation indicates that the potential exposure of 40% maximum lending is well-managed within UCITS regulations. The index capping methodology could add a layer of complexity, the reference to Securities lending also adds to the factors for consideration. Given that any use of swap instruments results in a complex determination this ETF remains 'Non-Complex'.",
        "complex": false,
        "non-complex": true,
        "explanation": "The ETF is UCITS compliant, uses physical replication, and aims to track the S&P U.S. Industrials Select Sector Daily Capped 25/20 Index. Although it engages in securities lending, the documentation indicates that the potential exposure of 40% maximum lending is well-managed within UCITS regulations. While the capped index methodology, it's structured simply to track a particular equity sector and well-managed securities lending indicates a non-complex determination."
    }
}