{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers S&P 500 UCITS ETF is a passively managed fund aiming to reflect the performance of the S&P 500 Index. It employs physical replication by buying a substantial number of securities in the index. The KIID indicates that while derivatives *may* be used for risk management, cost reduction, or improving results, they are not integral to the investment objective, and the primary method is physical replication. The fund's structure, objective, and risks (market volatility, tracking error) are generally understood by retail investors with basic knowledge. Securities lending is mentioned as a potential income source but is a secondary feature and managed within UCITS rules. There is no mention of leverage or embedded derivatives. The S&P 500 index is a well-established and transparent benchmark. Therefore, based on the provided information and MiFID II classification rules, the ETF is considered non-complex."
    }
}