{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P UK Dividend Aristocrats UCITS ETF",
    "investment_objective": "Track the performance of the S&P UK High Yield Dividend Aristocrats Index, focusing on high dividend-yielding UK equities.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United Kingdom",
    "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 that physically replicates the S&P UK High Yield Dividend Aristocrats Index by holding the underlying securities directly. The KIID and PRIIPs KID documents confirm that derivatives are only used for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk. The Fund does not employ leverage, inverse or amplified exposure. The underlying assets are straightforward UK equities with high dividend yields, no complex structured products or contingent bonds are held. The risk profile is medium (risk category 4-6 depending on document), reflecting market volatility rather than structural complexity. Costs are simple with a single ongoing charge (TER) of 0.30%, 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 are no complexity flags such as capital guarantees, contingent returns, or significant counterparty risk disclosures. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}