{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Core S&P 500 UCITS ETF USD (Dist) is a UCITS ETF that aims to replicate the S&P 500 index by investing in the underlying equity securities. The fund is passively managed and uses physical replication, which is generally considered non-complex. The Key Investor Information Document (KIID) does not indicate the use of derivatives for replication purposes, nor does it mention any complex underlying assets, leverage, or other features that would typically render an ETF complex under MiFID II. The objective is straightforward: to track a well-known and transparent index. The document mentions that financial derivative instruments (FDIs) 'may' be used for direct investment purposes to produce a similar return to its Index, but this phrasing suggests it's a possibility rather than a core strategy, and the primary replication method is stated as holding equity securities. Given the emphasis on physical replication of a major equity index and the absence of other complexity indicators, the ETF is classified as non-complex. The mention of securities lending for income generation is a common practice and, when managed within UCITS rules with collateral, does not automatically trigger complexity."
    }
}