{
    "fund_name": "Vanguard S&P 500 UCITS ETF (USD) Distributing",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses a physical replication method to track the S&P 500 Index, investing directly in the constituent securities. While it mentions the potential use of derivatives for risk reduction or cost management, there is no indication of extensive or complex derivative usage. The fund's investment strategy is straightforward, focusing on passive management through physical acquisition of securities. The risk profile is rated 6, which is typical for equity-based funds and does not indicate complexity. The ETF is UCITS-compliant, further supporting its suitability for retail investors. There are no references to leverage, inverse strategies, or complex structured products. The use of derivatives is limited to efficient portfolio management and does not materially alter the fund's risk profile. The fund's transparency, liquidity, and straightforward investment approach align with non-complex classifications under MiFID II.",
    "confidence": 95
}