{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P 500 UCITS ETF",
    "investment_objective": "Track the U.S. equity market performance of large cap equity securities by replicating the S&P 500 Index",
    "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 SPDR S&P 500 UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the S&P 500 Index through physical replication. The KIID and PRIIPs KID confirm the Fund primarily invests directly in the underlying securities of the S&P 500 Index, holding all or substantially all constituents with approximate index weightings. The Fund uses derivatives only for efficient portfolio management (e.g., currency hedging) and not as an inherent part of the investment strategy, so derivative use is not considered complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The risk rating is 6 on a 7-point scale in the KIID, reflecting market volatility of large cap US equities rather than structural complexity. The ongoing charges are low (0.03%) with no performance fees or complex fee structures. The monthly factsheet confirms physical replication, no use of swaps, and direct investment in liquid, transparent securities. No capital protection or structured features are present. There are no complexity flags such as contingent convertible bonds or complex structured products in the holdings. The Fund\u2019s risk disclosures relate to market and concentration risk typical of large cap equity ETFs. Overall, the Fund exhibits a straightforward, linear index-tracking strategy with minimal derivative use and no leverage, consistent with a non-complex classification under MiFID II."
}