{
    "fund_name": "SPDR S&P Global Dividend Aristocrats Screened 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 ETF uses physical replication to track the S&P Global Dividend Aristocrats Screened Quality Income Index, with no evidence of leverage, inverse strategies, or synthetic replication. While derivatives are mentioned for efficient portfolio management, they are not used in a way that introduces significant additional risk or complexity. The fund's risk profile is straightforward, with a clear objective of tracking high dividend-yielding equities globally. The KIID and factsheet do not indicate any features that would classify it as complex under MiFID II, such as capital protection mechanisms, structured products, or significant counterparty risk. The fund is UCITS-compliant and has a transparent, liquid structure suitable for retail investors.",
    "confidence": 95,
    "risk_level": 6,
    "risk_explanation": "The fund is categorized as risk level 6 due to historical volatility in returns, but this does not inherently indicate complexity under MiFID II. The risks are typical of equity investments and are well-documented in the KIID."
}