{
    "fund_name": "SPDR S&P Developed Quality Aristocrats UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P Developed Quality Aristocrats UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the S&P Developed Quality FCF Aristocrats Index, which consists of large and mid-sized equities in developed markets selected based on quality characteristics such as free cash flow and return on invested capital. The KIID explicitly states that the fund may use financial derivative instruments (FDIs) for efficient portfolio management, but this is a common practice for UCITS-compliant ETFs and does not inherently make the fund complex. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is categorized as level 6, which is relatively high but not indicative of complexity under MiFID II. The fund's objective, strategy, and underlying assets are straightforward and transparent, focusing on liquid, publicly traded equities. The absence of complex features such as capital protection mechanisms, structured products, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 90,
    "risk_level": 6,
    "additional_notes": "The fund's use of derivatives is limited to efficient portfolio management, which is a permitted and common practice for UCITS ETFs and does not introduce complexity. The underlying index is based on a clear, rules-based methodology focusing on quality metrics, which is easily understandable. The fund's risk level of 6 is due to the volatility of the equity markets it tracks, not due to complex financial structures."
}