{
    "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 MSCI Europe Climate Paris Aligned UCITS ETF (Acc) is classified as non-complex under MiFID II based on the following analysis: 1) Physical replication method: The fund explicitly states it seeks to hold all securities of the index with approximate weightings, indicating physical replication. 2) No leverage or inverse exposure: There are no references to leverage, inverse strategies, or amplified returns. 3) Minimal derivative usage: While the KIID mentions potential use of derivatives for efficient portfolio management, this appears to be incidental and not a core strategy. The fact sheet confirms physical replication. 4) Straightforward investment objective: The fund tracks a climate-aligned index of European equities with clear ESG criteria. 5) UCITS compliance: The fund is UCITS-compliant, which inherently limits complexity. 6) Risk profile: The risk category (6) reflects the underlying equity market risk rather than structural complexity. 7) No capital protection features: There are no complex structured features or guarantees. The only potential complexity factor would be the climate-aligned index methodology, but this is transparent and well-documented. The fund's structure and strategy align with typical non-complex ETFs suitable for retail investors.",
    "confidence": 95
}