{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Health Care Select Sector UCITS ETF",
    "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 Health Care Select Sector Daily Capped 25/20 Index by holding primarily equity securities of large U.S. health care companies. 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 liquid, transparent equities with no complex structured products or contingent bonds. The risk profile is medium (risk category 4 in PRIIPs, 6 in KIID due to historical volatility) but this is consistent with equity sector concentration rather than complexity. Costs are straightforward with a low TER of 0.15%, no performance fees, and no swap or derivative fees. The factsheet confirms physical replication, no use of swaps, and a straightforward index. There are no capital protection or structured features. No complexity flags such as counterparty risk or capital guarantees are present. Therefore, under MiFID II criteria, the Fund is classified as non-complex."
}