{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "supporting_data": "The ETF is a UCITS-compliant, passively managed fund that aims to replicate the performance of the S&P 500 Quality Index by holding the underlying securities in proportion to their index weights. While the prospectus states that the fund 'may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income,' there is no evidence that derivatives are integral to the investment objective or that the fund uses synthetic replication, swaps, or leverage. The replication method is physical, and the index tracked is transparent and well-documented. The fund may engage in securities lending, but this is a secondary activity, well within UCITS limits, and does not dominate the risk profile. There are no embedded derivatives, complex indices, or contingent convertible bonds. The risks disclosed (equity risk, country concentration, securities lending) are standard for equity ETFs and do not introduce structural complexity. The fundu2019s structure, objective, and risks are straightforward and can be understood by retail investors with basic knowledge.",
    "classification": "non-complex"
}