{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P U.S. Dividend Aristocrats Screened UCITS ETF is a UCITS-compliant ETF that physically replicates the S&P High Yield Dividend Aristocrats Screened Index by holding at least 90% of the underlying securities directly. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk. The fund does not engage in securities lending, has no leverage or inverse exposure, and no capital protection or structured features. The risk profile is medium-high (risk category 6) due to the volatility of the underlying equity securities, not due to complexity of the product structure. The factsheet confirms physical replication, no use of swaps, and a straightforward index tracking objective with a TER of 0.35%. There are no complex underlying assets such as contingent convertible bonds or CLOs. No performance fees or multiple fee layers are present. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and is transparent and straightforward in structure, leading to a non-complex classification under MiFID II."
}