{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Materials Select Sector UCITS ETF (Acc)",
    "investment_objective": "Track the performance of large cap U.S. materials companies in the S&P 500 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 Materials Select Sector Daily Capped 35/20 Index by holding primarily equity securities of large U.S. materials companies. The KIID and PRIIPs KID explicitly state the Fund uses a replication strategy aiming to hold all securities in the index with approximate weightings, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for efficient portfolio management, not as an inherent element of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk profile is medium-high (category 5-6) due to concentration risk and market volatility inherent in the materials sector equities, not due to structural complexity. The Fund does not invest in complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a low ongoing charge of 0.15%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication with 28 holdings, all equities, no mention of swaps or synthetic structures. No capital protection or structured features are present. The risk disclosures focus on market, liquidity, and concentration risks typical for sector equity ETFs. No complexity flags such as counterparty risk or collateral management risks are noted. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}