{
    "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 500 UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the S&P 500 Index through physical replication. The fund aims to hold all or nearly all securities in the index with approximate weightings, indicating full physical replication. The KIID and PRIIPs KID documents confirm that derivatives are used only for efficient portfolio management (e.g., currency hedging) and not as an inherent part of the investment strategy, so derivative exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (category 5-6) reflecting market volatility of the underlying equity index rather than structural complexity. Costs are straightforward with a low TER (0.03%) and no performance fees or swap fees. The factsheet confirms physical replication and no use of swaps or synthetic structures. No capital protection or structured features are present. There is no PRIIPs comprehension warning or complexity flag. Overall, the fund exhibits a clear, linear relationship to the underlying S&P 500 index performance, with transparent holdings in liquid, large-cap US equities. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}