{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "leverage": false,
        "swaps": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which carries a presumption of non-complexity. This presumption is upheld as the fund uses physical replication ('replicate the Index by holding all the securities in the Index') to track its benchmark, the S&P 500 Quality Index. This method is transparent and easy for a retail investor to understand. The underlying index is also non-complex, being a rules-based selection of equities from the S&P 500 based on quality factors (return on equity, accruals, financial leverage). Although the KIID mentions that the fund 'may use derivative instruments', it specifies this is for 'managing risk, reducing costs, generating additional capital or income', which constitutes Efficient Portfolio Management (EPM) and is not central to the investment strategy. The prompt's rules explicitly state to mark 'derivatives' as false in such cases. The fund does not use leverage or swaps. The presence of securities lending is a secondary feature managed within UCITS rules and does not in itself trigger a complex classification. The high risk rating of 6/7 reflects market volatility, not structural complexity. The absence of a comprehension alert further supports the non-complex classification."
    }
}