{
    "fund_name": "SPDR S&P UK Dividend 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 UK Dividend Aristocrats UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the S&P UK High Yield Dividend Aristocrats Index, investing directly in the underlying securities. While the KIID mentions the use of financial derivative instruments for efficient portfolio management, this is a common practice for UCITS ETFs and does not constitute a primary investment strategy or leverage. The fund does not employ synthetic replication, leverage, or inverse strategies, and its risk profile is transparent and aligned with its underlying assets. The risk category is 6, which is relatively high but not indicative of complexity under MiFID II. The fund's objective, strategy, and holdings are straightforward, focusing on high-dividend UK equities. The absence of capital protection mechanisms, structured features, or complex underlying assets further supports the non-complex classification.",
    "confidence": 95
}