{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P 500 Leaders UCITS ETF",
    "investment_objective": "Track the U.S. equity market performance of large cap equity securities included in the S&P 500 Scored & Screened Leaders 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 Fund is a UCITS compliant ETF that physically replicates the S&P 500 Scored & Screened Leaders Index by holding primarily the underlying securities (at least 90% of assets). There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for portfolio management efficiency, which does not trigger complexity. The Fund does not employ leverage, inverse or amplified exposure. The underlying assets are large-cap U.S. equities, which are liquid and transparent. There are no capital protection or structured product features. The risk profile is medium-high (category 6) due to market volatility and concentration risk, not due to structural complexity. Costs are straightforward with a low ongoing charge (0.03%) and no performance fees or swap fees. The factsheet confirms physical replication and no securities lending. No PRIIPs comprehension warnings or complexity flags are present. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure used only for efficient portfolio management, thus it is classified as non-complex under MiFID II."
}