{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "complex_factors": "None apparent.",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication to track the MSCI World Consumer Discretionary 35/20 Capped Index. It may use derivatives for efficient portfolio management (EPM), but this is not integral to its investment objective. Therefore, based on the provided information, it is classified as non-complex. The ETF aims to replicate the Index, it does not use any embedded derivatives or swaps, and so can be considered non-complex. Securities lending is used up to 40% but it well managed within UCITS rules",
        "complex": false,
        "non-complex": true,
        "explanation": "Based on the provided KIID, the SPDR MSCI World Consumer Discretionary UCITS ETF uses physical replication to track an index. The derivatives usage is limited to efficient portfolio management, not for synthetic replication. This aligns with a non-complex classification."
    }
}