{
    "fund_name": "SPDR S&P 500 Leaders UCITS ETF (Acc)",
    "isin": "IE00BH4GPZ28",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "ESG screening methodology complexity",
        "Potential for tracking error due to index methodology",
        "Concentration risk in top holdings"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P 500 Scored & Screened Leaders Index, which is a well-diversified index of large-cap US equities. While the index has ESG screening criteria, this doesn't make the ETF complex as the screening is transparent and based on standard ESG factors. The fund doesn't use derivatives, leverage, or inverse strategies. The main complexity factors are the ESG screening methodology and potential tracking error, but these are typical of many mainstream ETFs and don't reach the threshold for MiFID II complexity. The fund's risk profile (category 6) reflects the volatility of large-cap US equities rather than any structural complexity.",
    "confidence": 90
}