{
    "fund_name": "SPDR FTSE UK All Share UCITS ETF",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR FTSE UK All Share UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the FTSE All-Share Index, holding the underlying securities directly. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, this is explicitly stated to be for managing the portfolio efficiently rather than as a core strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile (category 6) is primarily due to the volatility of the underlying equities rather than structural complexity. The fund's straightforward index-tracking objective, liquid underlying assets, and transparent physical replication method align with non-complex characteristics. The absence of capital protection mechanisms, structured features, or significant counterparty risks further supports this classification.",
    "confidence": 95
}