{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities lending",
            "Derivative use for Efficient Portfolio Management (EPM)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, indicating a baseline level of regulation. It primarily uses direct replication of the MSCI Switzerland 20/35 Index. Although derivatives may be used, the documentation indicates this is primarily for efficient portfolio management such as hedging, and managing inflows/outflows, not for synthetic replication or leverage. Securities lending is permitted which introduces counterparty risk, but does not automatically make the ETF complex if well managed and within UCITS rules. The index is a transparent equity index. Since the ETF tracks a known, established index, and primarily uses physical replication, it is likely classified as non-complex. Direct investments are made in shares, transferable securities, and money market instruments which are generally non-complex.",
        "complex": false,
        "non-complex": true,
        "derivates": false,
        "securities_lending": true,
        "tracking_error": true,
        "market_volatility": true
    }
}