{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P Global Dividend Aristocrats UCITS ETF",
    "investment_objective": "Track the performance of the S&P Global Dividend Aristocrats Quality Income Index, focusing on high dividend yielding equities globally.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (Developed and Emerging Markets)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund uses a physical replication strategy aiming to hold all securities of the underlying index with approximate weightings. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. Leverage or inverse exposure is not present. The underlying assets are high dividend yielding equities from developed and emerging markets, with no complex structured products or contingent bonds. The risk profile is medium (category 4 in PRIIPs KID, category 6 in KIID due to historical volatility), but this is consistent with equity market risk rather than complexity. Costs are straightforward with a TER of 0.45%, no performance fees, and no swap or derivative fees. The factsheet confirms physical replication and no use of swaps. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and invests directly in liquid, transparent securities.",
    "risk_level_assessment": "The Fund's risk category is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID), reflecting equity market volatility rather than structural complexity. The risk disclosures do not indicate complexity-related risks such as counterparty risk or derivative risk. This aligns with the non-complex classification."
}