{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Communication Services Select Sector UCITS ETF (Acc)",
    "investment_objective": "Track the performance of large sized U.S. communication services companies in the S&P 500 Index",
    "primary_asset_class": "equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS compliant ETF domiciled in Ireland, tracking the S&P Communication Services Select Sector Daily Capped 35/20 Index by physical replication. The KIID and PRIIPs KID confirm the Fund invests primarily in the underlying equity securities of the index constituents, with no synthetic replication or use of swap agreements. Derivatives are only used for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The risk rating is 6 out of 7, reflecting equity market volatility and sector concentration risk, but this does not alone indicate complexity under MiFID II. The Fund does not hold complex underlying assets such as contingent convertible bonds or CLOs, nor does it have capital protection or structured features. Costs are straightforward with a low ongoing charge of 0.15%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No complexity flags such as counterparty risk, capital protection, or leverage are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}