{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency Hedging with FX Forward Contracts"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the S&P 500 Index using physical replication. While it uses financial derivative instruments (FDIs) for currency hedging purposes (specifically FX forward contracts) to manage the GBP hedged share class, the primary investment strategy is to hold the underlying equity securities of the index. The use of derivatives for efficient portfolio management (currency hedging) in this manner, without being integral to achieving the investment objective or significantly impacting the risk-return profile beyond currency management, generally aligns with a non-complex classification for UCITS ETFs. The KIID indicates the risk indicator is 6, which reflects market volatility rather than structural complexity. The product itself is a UCITS ETF, which carries a presumption of being non-complex. The use of FX forwards for hedging is a common practice for currency-hedged share classes and does not inherently introduce the level of complexity associated with derivatives used for replication or embedded product structures. Therefore, based on the information provided, the ETF is classified as non-complex."
    }
}