{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The index tracks companies with 'high quality characteristics' using a quality score based on factors like return on equity, accruals ratio, and financial leverage. However, the ETF uses derivatives for risk management, reducing costs, and potentially generating additional capital or income, therefore, according to ESMA this can contribute to complexity. The index is rebalanced semi-annually.",
        "classification": "non-complex",
        "supporting_data": "The ETF aims to replicate the S&P 500 Quality Index, using physical replication. It may use derivatives for EPM but that does not automatically render it complex unless the use of derivatives is central to the investment strategy. Securities lending is utilized, which introduces counterparty risk but does not automatically make the ETF complex. The index is transparent, but the ETF is exposed to equity market risk. Based on the provided information, this ETF is likely to be considered non-complex."
    }
}