{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P 400 U.S. Mid Cap UCITS ETF is a physically replicated fund that tracks the S&P MidCap 400 Index. It does not employ leverage, inverse strategies, or synthetic replication. While the KIID mentions the potential use of derivatives for efficient portfolio management, this is a standard disclosure and does not indicate extensive or complex derivative usage. The fund's risk profile (category 6) is due to the volatility of mid-cap equities rather than structural complexity. The fund is UCITS-compliant, has a straightforward investment objective, and provides clear, linear exposure to its underlying index. The absence of complex features such as capital protection mechanisms, structured products, or significant counterparty risk further supports the non-complex classification.",
    "confidence": 95
}