{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The index methodology risk should be considered. The fund aims to track the S&P 500 Minimum Volatility Index. The index aims to reflect the performance characteristics of a subset of securities within the S&P 500 Index with the lowest absolute volatility of returns,subject to risk diversification. ",
        "classification": "non-complex",
        "supporting_data": "Based on the provided KID information and adhering to the MiFID II framework, this UCITS ETF is classified as non-complex. The ETF aims to track the S&P 500 Minimum Volatility Index using optimizing techniques. The index aims to reflect the performance characteristics of a subset of securities within the S&P 500 Index with the lowest absolute volatility of returns,subject to risk diversification. It uses physical replication. The KID indicates that derivatives *may* be used, but only for direct investment purposes and for the benefit of the fund. Also, that securities lending may occur to generate income which is well within UCITS rules and so doesn't increase complexity. The structure and the risks involved (market volatility, tracking error) are straightforward for retail investors. Thus, as per the rules, this ETF should be classified as non-complex."
    }
}