{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P 500 UCITS ETF",
    "investment_objective": "Track the U.S. equity market performance of large cap equity securities by replicating the S&P 500 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 Index, holding the underlying securities directly with approximate weightings matching the index. The KIID and PRIIPs KID confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The Fund uses derivatives only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (category 5 out of 7) reflecting market volatility of large cap US equities, not complexity. The monthly factsheet confirms replication method as 'Replicated' and no use of swaps or complex underlying assets. The Fund invests in liquid, transparent securities with no complex structured products or contingent bonds. Costs are straightforward with a low TER of 0.05% and no performance fees or swap fees. No complexity flags such as capital protection, contingent returns, or significant counterparty risk are present. The currency hedging is done via forward contracts but is standard and does not add complexity under MiFID II. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance and is suitable for retail investors without requiring specific investment knowledge beyond standard equity market understanding."
}