{
    "fund_name": "SPDR S&P 500 Leaders 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 500 Leaders UCITS ETF is classified as non-complex under MiFID II due to its straightforward physical replication strategy, lack of leverage or inverse exposure, and minimal use of derivatives. The fund tracks the S&P 500 Scored & Screened Leaders Index, which is a well-diversified, liquid, and transparent benchmark. The KIID and factsheet indicate that the fund primarily invests in the underlying securities of the index and uses derivatives only for efficient portfolio management, not as a core part of its strategy. The risk profile (category 6) is primarily due to market volatility rather than structural complexity. The fund's UCITS compliance, clear investment objective, and lack of complex features such as capital protection mechanisms or significant counterparty risk further support its non-complex classification.",
    "confidence": 95
}