{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging using derivatives (foreign currency forwards)"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant, uses physical replication, and tracks the S&P 500 hedged to GBP Index. Although it uses physical replication, it employs currency hedging strategies using foreign currency forwards at one-month forward rates. This currency hedging, while intended to reduce the impact of currency fluctuations, introduces a derivative element that requires understanding of forward contracts, potentially making it complex for retail investors. According to ESMA guidelines, the use of derivatives, even for risk reduction, can trigger a complex classification."
    }
}