{
    "fund_name": "SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF",
    "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 Euro High Yield Dividend Aristocrats Screened Index, which consists of 40 high-dividend-yielding Eurozone equities with strong ESG characteristics. The fund does not employ leverage, inverse strategies, or synthetic replication methods. While it may use financial derivative instruments for efficient portfolio management, there is no indication of extensive or complex derivative usage that would trigger a 'complex' classification under MiFID II. The fund's risk profile (category 6) reflects the volatility of its underlying equities rather than structural complexity. The absence of swap agreements, unfunded swaps, or counterparty risk disclosures further supports the non-complex determination. The fund's straightforward investment objective, physical replication method, and transparent underlying assets align with typical non-complex ETF characteristics.",
    "confidence": 95
}