{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Index tracking method not explicitly stated as solely physical"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI Singapore UCITS ETF aims to reflect the performance of the MSCI Singapore Investable Market Total Return Net index. The Key Investor Information Document (KIID) states that the fund will attempt to replicate the index by buying 'all or a substantial number of the securities in the index'. This suggests a physical replication method, which is generally considered non-complex. The document also mentions that the fund may employ 'techniques and instruments in order to manage risk, costs/taxes or extremely volatile markets', which could include derivatives, but it is not stated that derivatives are integral to the investment objective or replication strategy. The risk profile is rated as category 6, indicating high volatility, but this is market risk and not structural complexity. The index itself (MSCI Singapore Investable Market) is a standard equity index. There is no mention of embedded derivatives, leverage, or complex underlying assets that would typically lead to a complex classification. Therefore, based on the provided information, the ETF is presumed non-complex."
    }
}