{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Dividend Aristocrats UCITS ETF",
    "investment_objective": "Track the performance of the S&P High Yield Dividend Aristocrats Index, which consists of U.S. equity securities with a history of increasing dividends for at least 20 consecutive years.",
    "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 uses a standard physical replication strategy to track the S&P High Yield Dividend Aristocrats Index, 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, so derivative exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk. The Fund is UCITS compliant, with no leverage or inverse exposure. The underlying assets are liquid, well-known U.S. equities with a long dividend growth history, not complex structured products or contingent convertible bonds. The risk profile is medium-high (category 5-6) due to equity market volatility and concentration risk, but this does not imply complexity under MiFID II. Costs are straightforward with a single ongoing charge (TER) of 0.35%, no performance fees, and no swap or derivative fees. The factsheet confirms physical replication and no use of swaps or leverage. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, the ETF is classified as non-complex under MiFID II."
}