{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P 500 Low Volatility UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P 500 Low Volatility UCITS ETF is a UCITS-compliant ETF domiciled in Ireland that tracks the S&P 500 Low Volatility Index, which consists of the 100 least volatile stocks within the S&P 500. The fund uses a physical replication method aiming to hold all securities in the index with approximate weightings, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents confirm that derivatives may only be used for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy. There is no leverage, inverse exposure, or capital protection features. The fund invests directly in liquid, large-cap US equities, with no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (risk category 6 in KIID, 4 in PRIIPs KID), reflecting market volatility rather than structural complexity. Costs are straightforward with a TER of 0.35%, no performance fees, and no swap or derivative fees. The factsheet confirms replication is physical and no swap usage is reported. There are no complexity flags such as counterparty risk, structured features, or leverage. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}