{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR FTSE UK All Share UCITS ETF is a physically replicated, UCITS-compliant ETF that tracks the FTSE All-Share Index. The KIID and fact sheet confirm it uses physical replication ('The Fund will use a replication strategy to create a near mirror-image of the Index') and does not mention any synthetic replication, swaps, or leverage. The only derivative usage mentioned is for 'efficient portfolio management' (standard for ETFs), not as a core strategy. The fund holds liquid, transparent UK equities with no complex underlying assets. The risk profile (category 6) reflects the volatility of UK equities, not structural complexity. The fact sheet shows a straightforward equity portfolio with no derivative exposure. No 'comprehension warning' appears in the PRIIPs KID, further supporting non-complex classification.",
    "confidence": 95
}