{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P U.S. Utilities Select Sector UCITS ETF",
    "investment_objective": "Track the performance of large sized U.S. utilities companies in the S&P 500 Utilities 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 Utilities 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 derivative instruments used as part of the investment strategy. Derivatives are only used for efficient portfolio management, not as an inherent element of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are large-cap U.S. utility equities, which are liquid and transparent. The risk profile is medium-high (category 5-6) reflecting market volatility and sector concentration risk, but not complexity from structure or instruments. The ongoing charges are low (0.15%) with no performance fees or swap fees. The factsheet confirms no use of swaps or complex structured products. There are no capital protection or structured features. No counterparty risk beyond normal custodial risk is disclosed. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF is straightforward, physically replicating a well-known equity index with direct holdings, minimal derivative use for risk management, no leverage, and no complex features, leading to a non-complex classification under MiFID II."
}