{
    "fund_name": "SPDR S&P Euro Dividend Aristocrats UCITS ETF (Dist)",
    "isin": "IE00B5M1WJ87",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a straightforward equity index",
        "No leverage or inverse exposure",
        "No synthetic replication or swap usage",
        "Transparent underlying assets (high-dividend Eurozone equities)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P Euro High Yield Dividend Aristocrats Index, which consists of 39 high-dividend Eurozone equities. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The fund's risk profile (category 6) reflects the volatility of its underlying equities rather than structural complexity. The PRIIPs KID and fact sheet confirm the physical replication method and lack of derivative usage beyond standard portfolio management. The index itself is a straightforward equity index with no complex features.",
    "confidence": 95
}