{
    "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 ETF that tracks the S&P 500 Index by directly holding the constituent securities. While the KIID mentions the use of derivatives, it specifies that these are used for risk reduction, cost management, or generating additional income, not as a core part of the investment strategy. The ETF does not employ leverage, inverse strategies, or synthetic replication. It is UCITS-compliant, which imposes strict regulatory safeguards. The risk profile is transparent, with a clear focus on large-cap U.S. equities, and the fund provides regular liquidity. The absence of complex structures, such as contingent bonds, swaps for replication, or leveraged exposure, further supports the non-complex classification.",
    "confidence": 95
}