{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P 500 QUALITY ARISTOCRATS UCITS ETF",
    "investment_objective": "Track the performance of the S&P 500 Quality FCF Aristocrats Index, which measures U.S. large cap equities with higher quality characteristics based on free cash flow metrics.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF domiciled in Ireland, tracking a well-defined equity index composed of 100 large-cap U.S. stocks selected for quality metrics. The replication method is physical, investing directly in underlying securities listed on recognized markets. The KIID and factsheet explicitly state that derivatives are used only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, leverage, inverse or leveraged exposure, or capital protection features. The risk profile is relatively high (category 6) due to concentration risk and equity market volatility, but this does not imply complexity under MiFID II. Fees are straightforward with a single ongoing charge (TER) of 0.25%, no performance fees, and no swap or derivative fees. The index tracked is transparent and based on fundamental quality metrics without complex structured products or contingent bonds. No counterparty risk or collateral management risks are disclosed beyond normal market risks. Therefore, the ETF does not meet the MiFID II criteria for a complex financial instrument."
}