{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P Developed Quality Aristocrats UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the S&P Developed Quality FCF Aristocrats Index through physical replication. The fund invests directly in large and mid-sized equities in developed markets, primarily by purchasing the underlying securities. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for efficient portfolio management in exceptional circumstances, which does not constitute inherent derivative exposure. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (risk category 6 in KIID, 4 in PRIIPs KID), driven by equity market volatility and concentration risk, not by structural complexity. Costs are straightforward with a TER of 0.35%, no performance fees, and no swap or derivative fees. The factsheet confirms physical replication and no use of swaps or complex underlying assets. No complex structured products or contingent convertible bonds are held. Therefore, the fund does not meet MiFID II criteria for a complex financial instrument."
}