{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P 500 UCITS ETF (Acc) is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication as its primary method, holding the underlying securities of the S&P 500 Index directly. 2) While it does use derivatives for currency hedging (via forward contracts), this is a standard practice for hedged ETFs and does not introduce significant complexity or additional risk beyond what is necessary for efficient portfolio management. 3) The fund does not employ leverage, inverse strategies, or other complex financial instruments. 4) The underlying index (S&P 500) is a well-known, transparent, and liquid benchmark. 5) The fund is UCITS-compliant, which inherently imposes strict regulatory standards that limit complexity. 6) The risk profile is clearly communicated as risk category 6, which is consistent with the historical volatility of the S&P 500. The use of derivatives is limited to currency hedging, which is a common and straightforward practice in hedged ETFs. The fact sheet confirms that the fund holds all 503 constituents of the index, further supporting the physical replication method. The absence of leverage, inverse strategies, or complex structured products ensures that the fund remains accessible to retail investors.",
    "confidence": 95
}