{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, implying a baseline level of regulation and investor protection. The ETF uses physical replication to track the S&P 500 Index, which is a transparent and well-understood benchmark. The ETF may use derivatives for efficient portfolio management (EPM) but not as an inherent element of the strategy. Securities lending to generate income introduces counterparty risk but is well-managed within UCITS rules. However, the EUR Hedged share class introduces a layer of complexity due to currency hedging strategies. Currency hedging, while aiming to reduce exchange rate fluctuations, involves derivatives and can reduce or eliminate gains. Regulators sometimes classify derivative use for EPM as complex due to counterparty risk."
    }
}