{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices",
            "Derivatives"
        ],
        "classification": "complex",
        "supporting_data": "Although this is a UCITS ETF using physical replication, it is classified as complex for two primary reasons. First, the Key Investor Information Document (KIID) explicitly states that financial derivative instruments (FDIs) may be used for 'direct investment purposes', which extends beyond simple efficient portfolio management (EPM). This introduces counterparty risk, which the KIID lists as a particular risk, making the instrument's risk profile more difficult for a retail investor to understand. Second, the benchmark index, the 'S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index', is structurally complex. Its methodology involves multiple layers of screening and re-weighting based on specific ESG criteria, decarbonization targets, and climate risk management. This complexity in the index construction means that an average retail investor cannot easily understand the ETF's composition, performance drivers, or the specific risks involved, which is a key consideration for the MiFID II appropriateness test. The combination of these factors overrides the general presumption of non-complexity for a UCITS ETF.",
        "final_assessment": "Complex"
    }
}