{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Industrials 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 domiciled in Ireland, tracking the S&P Industrials Select Sector Daily Capped 25/20 Index, composed of large U.S. industrial companies. The investment objective is to replicate the index performance as closely as possible using a physical replication strategy, holding the underlying equity securities directly. The KIID and PRIIPs KID confirm that derivatives may be used only for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (category 5-6) reflecting market volatility and concentration risk, but not complexity from structure or instruments. Fees are straightforward with a TER of 0.15%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication with 78 underlying holdings, all equities in the Industrials sector, no use of derivatives or leverage, and no complex structured products. There are no capital protection or structured features. No complexity flags such as capital guarantees, barrier options, or contingent returns are present. The PRIIPs KID does not carry any comprehension warnings. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use solely for risk management, and no synthetic or leveraged elements. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}