{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Energy Select Sector UCITS ETF (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that physically replicates the S&P Energy Select Sector Daily Capped 35/20 Index by holding primarily equity securities of large U.S. energy companies. The KIID and PRIIPs KID documents confirm the use of a replication strategy aiming to hold all securities in the index with approximate weightings, indicating physical replication rather than synthetic. The Fund may use derivatives only for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of swap agreements, total return swaps, or counterparty risk exposure. Leverage or inverse exposure is not present. The underlying assets are straightforward large-cap equities in the energy sector, with no complex structured products or contingent bonds. The risk rating is high (7/7) due to concentration risk in the energy sector and market volatility, but this does not imply complexity under MiFID II. Costs are simple with a low ongoing charge (0.15%) and no performance fees or swap fees. The factsheet confirms physical replication, no use of swaps, and a low tracking error (0.12%), supporting the non-complex classification. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no synthetic or leveraged elements, leading to a non-complex classification under MiFID II."
}