{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Financials Select Sector UCITS ETF",
    "investment_objective": "Track the performance of large sized U.S. financial companies in the S&P 500 Financials 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 is a UCITS-compliant ETF that physically replicates the S&P Financials Select Sector Daily Capped 25/20 Index by holding the underlying equity securities directly. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The Fund may use derivatives only for efficient portfolio management in exceptional circumstances, which does not constitute inherent derivative exposure. There is no leverage, inverse or amplified exposure. The underlying assets are large-cap U.S. financial equities, which are liquid and transparent. The risk profile is high (category 7) due to market volatility and sector concentration, not due to structural complexity. Costs are straightforward with a TER of 0.15%, no performance fees, and no swap or derivative fees. The factsheet confirms no use of swaps or synthetic structures and shows a straightforward index tracking strategy. No capital protection or structured features are present. There are no complexity flags such as contingent bonds or complex derivatives. Therefore, under MiFID II, this ETF is classified as non-complex."
}