{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending"
        ],
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF seeks to track the S&P 500 Index using physical replication. It invests primarily in securities included in the Index and seeks to hold all the securities of the Index with the approximate weightings as in that Index. The fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. The fund's maximum exposure to securities lending as a percentage of its Net Asset Value will not exceed 40%.  Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value. Securities lending introduces counterparty risk but it is a secondary feature managed within UCITS rules.",
        "assessment": "The ETF is classified as non-complex because it is a UCITS ETF that employs physical replication to track a well-known index. While it allows securities lending, the fund's core strategy and risks are transparent and easily understood. The use of derivatives is limited to efficient portfolio management, not as an inherent element of the investment strategy. Therefore, based on the MiFID II complexity assessment rules, it falls under the non-complex category."
    }
}