{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "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 UCITS ETF is classified as non-complex under MiFID II. Key factors supporting this determination include: (1) Physical replication strategy (direct investment in underlying securities), (2) No leverage or inverse exposure, (3) UCITS compliance ensuring transparency and investor protection, (4) Straightforward index-tracking objective with high-dividend U.S. equities, (5) Minimal derivative usage limited to currency hedging (monthly USD/EUR forward contracts), and (6) Clear risk profile (risk category 6) with no capital protection or structured features. The fund's complexity factors are limited to currency hedging derivatives, which are standard for hedged ETFs and do not trigger MiFID II complexity. The PRIIPs KID and fact sheet confirm no additional complexity indicators (e.g., no comprehension warnings or contingent convertible bonds).",
    "confidence": 95
}