{
    "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 U.S. Dividend Aristocrats Screened UCITS ETF is a physically replicated ETF that tracks the S&P High Yield Dividend Aristocrats Screened Index. The KIID and factsheet indicate that the fund primarily invests in high-dividend-yielding U.S. equities with an ESG screen. The fund uses physical replication, holding the underlying securities of the index. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, this is a common practice for ETFs and does not inherently make the fund complex under MiFID II. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is categorized as level 6, but this is due to the volatility of the underlying equities rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The absence of leverage, inverse exposure, or synthetic replication, combined with the straightforward investment objective and physical replication method, supports the classification as non-complex.",
    "confidence": 95
}