{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging",
            "Counterparty Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, implying a baseline of regulation. It aims to replicate the S&P 500 index through physical replication, which is generally considered non-complex. While derivatives are used for currency hedging (MXN Hedged), this is presented as a means of managing currency risk rather than an integral part of the index replication strategy. The KID mentions counterparty risk, which is a factor that can contribute to complexity, but this appears to be a general risk disclosure rather than a prominent feature of the ETF's structure. The ETF's objective and replication method are relatively transparent, aligning with the characteristics of a non-complex product.",
        "complex": false,
        "non-complex": true
    }
}