{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks the S&P 500 Index and uses derivatives for efficient portfolio management and currency hedging.",
        "classification": "non-complex",
        "supporting_data": "The Xtrackers S&P 500 UCITS ETF aims to replicate the performance of the S&P 500 Index. The KID states the fund will use derivatives for risk management, cost reduction, and exchange rate hedging. While derivative use is present, the KID specifies they are used for efficient portfolio management (EPM) and not central to the strategy. The ETF's replication method is not stated but the objective is to attempt to replicate the index and buying a substantial number of the securities in the index suggests physical replication. The risk profile is high (6/7), reflecting market volatility, but not structural complexity. The currency hedged share class may use derivatives for hedging, but the overall risk profile does not suggest complexity under MiFID II. The fund is UCITS compliant and designed for investors with a basic understanding of financial markets."
    }
}