{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P U.S. Dividend Aristocrats UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the S&P High Yield Dividend Aristocrats EUR Dynamic Hedged Index. The fund uses a physical replication strategy, holding the underlying securities of the index with approximate weightings. There is no indication of synthetic replication or use of swap agreements. The fund may use derivatives only for efficient portfolio management and currency hedging, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The underlying assets are high dividend-yielding U.S. equities, which are liquid and transparent. The risk profile is medium-high (risk category 5 or 6 depending on document), driven by market volatility rather than structural complexity. Costs are straightforward with a single ongoing charge (TER) of 0.40%, no performance fees, and no complex fee structures. The fact sheet confirms replication is physical and no synthetic or swap-based structures are used. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index is a standard equity dividend index with a currency hedge mechanism, which is a common and transparent feature. No complexity flags such as capital protection, barrier options, or structured returns are present. Therefore, the ETF is classified as non-complex under MiFID II."
}