{
    "fund_name": "SPDR S&P U.S. Dividend Aristocrats 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 ETF uses physical replication to track the S&P High Yield Dividend Aristocrats Index, which consists of high-dividend U.S. equities with a history of increasing dividends. The fund does not employ leverage, inverse strategies, or synthetic replication. While it may use derivatives for efficient portfolio management (as stated in the KIID), there is no indication of extensive or complex derivative usage. The risk profile is straightforward, with the fund classified in risk category 6 (out of 7) due to historical volatility, but this does not indicate complexity. The underlying index tracks liquid, transparent equities, and the fund's strategy is easily understandable for retail investors. The fact sheet confirms physical replication and no mention of swaps or synthetic structures. Therefore, the ETF does not meet MiFID II criteria for complexity.",
    "confidence": 95
}