{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard S&P 500 UCITS ETF is a physically replicated fund that tracks the S&P 500 Index by directly holding the constituent securities. While the KIID mentions the use of derivatives, it explicitly states they are used to reduce risk or cost and/or generate extra income or growth, not as a core part of the investment strategy. The fund employs a passive management approach with physical acquisition of securities, and any sampling is used only when full replication is impracticable. The risk profile is straightforward, with risks primarily related to equity market movements, currency fluctuations, and standard tracking error. The fund has a low ongoing charge of 0.07% and is UCITS-compliant, indicating a high level of investor protection and transparency. The absence of leverage, inverse strategies, or complex underlying assets further supports the non-complex classification.",
    "confidence": 95
}