{
    "fund_name": "SPDR S&P 500 UCITS ETF (Dist)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P 500 UCITS ETF is a physically replicated ETF that tracks the S&P 500 Index. It does not use derivatives for leverage or inverse exposure, and its replication method is straightforward physical replication. The fund invests directly in the securities of the S&P 500 Index, which are large-cap U.S. equities. The KIID and PRIIPs documents confirm that the fund does not use synthetic replication or swap agreements. The risk profile is rated as category 6, which is typical for equity funds and does not indicate complexity. The fund's objective is to track the performance of the S&P 500 Index, and it does so through direct investment in the underlying securities. There are no indications of complex structured products, capital protection mechanisms, or other features that would classify it as a complex financial instrument under MiFID II.",
    "confidence": 95
}