{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P U.S. Energy Select Sector UCITS ETF is a physically replicated fund that tracks the S&P Energy Select Sector Daily Capped 35/20 Index. It primarily invests in equity securities of large U.S. energy companies and does not employ leverage, inverse strategies, or synthetic replication. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, this is limited to hedging and operational purposes rather than as a core strategy. The fund is UCITS-compliant, has a straightforward investment objective, and invests in liquid, transparent securities. The risk profile (category 7) reflects historical volatility rather than structural complexity. There are no indications of capital protection mechanisms, structured features, or significant counterparty risks. The fund's charges are simple and transparent, with no performance fees or complex fee structures.",
    "confidence": 95
}