{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Volatility of High Dividend Stocks",
            "Securities Lending",
            "Index Composition and Rebalancing"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the S&P 500 Low Volatility High Dividend Index using physical replication, which involves holding the index's underlying securities. Derivatives are not mentioned as an integral part of the investment strategy, suggesting limited use of derivatives for efficient portfolio management (EPM). Securities lending is mentioned, but revenues are managed according to UCITS rules with a substantial portion returned to the fund. The index itself selects companies based on high dividend yields and low volatility, factors retail investors can generally understand even though the specific selection process adds a layer of complexity. The KID's risk rating of 6/7 indicates market risk, but not necessarily structural complexity stemming from derivatives or opaque investment strategies. Because the ETF uses physical replication, which is a simple methodology, and risk is explained as volatility, this asset is likely non-complex.",
        "complex": false
    }
}