{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Leverage",
            "Derivatives for investment purposes"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF that primarily uses physical replication to track the S&P 500, it is classified as complex due to several key factors outlined in the KIID. The document explicitly states the fund may use derivatives not only for efficient portfolio management but also for 'investment purposes'. Crucially, it specifies the fund 'may invest up to 10% of its assets in total return swaps and contracts for difference'. The use of swaps, even in a limited capacity, introduces counterparty risk and a structure that is not easily understood by a typical retail investor, triggering a complex classification under MiFID II. Furthermore, the KIID highlights 'Investment Leverage Risk', stating that leverage can occur when derivatives are used, which amplifies gains and losses. The combination of using derivatives for investment strategy (not just hedging), the potential use of total return swaps, and the introduction of leverage risk are decisive factors that override the non-complex presumption for a UCITS ETF.",
        "assessment_result": "Complex"
    }
}