{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF",
    "investment_objective": "Track the performance of large sized U.S. consumer discretionary companies in the S&P 500 Index via the S&P Consumer Discretionary Select Sector Daily Capped 25/20 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 uses a physical replication strategy aiming to hold all securities of the underlying index with approximate weightings, as confirmed by the factsheet. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The Fund may use derivatives only for efficient portfolio management, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The underlying assets are large-cap U.S. equities classified under the Consumer Discretionary sector, which are liquid and transparent. The risk profile is medium-high (category 5 out of 7 in PRIIPs KID), reflecting market volatility rather than structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.15%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The factsheet confirms no use of swaps or complex derivatives and shows a low tracking error (0.04%), supporting a simple, physical replication approach. Therefore, the Fund does not meet the MiFID II criteria for a complex financial instrument."
}