{
    "fund_name": "SPDR S&P U.S. Financials Select Sector UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P U.S. Financials Select Sector UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the S&P Financials Select Sector Daily Capped 25/20 Index, which consists of large U.S. financial companies. The KIID explicitly states that the fund primarily invests in securities included in the index and uses physical replication to create a near mirror-image of the index. While the fund may use financial derivative instruments for efficient portfolio management, this is a common practice for risk management and does not inherently make the fund complex. The fund does not employ leverage, inverse strategies, or synthetic replication, and there are no indications of capital protection mechanisms or structured features. The risk profile is clearly disclosed, and the fund is UCITS compliant, which imposes strict regulatory standards ensuring transparency and investor protection. The absence of complex underlying assets, straightforward investment strategy, and clear risk disclosures support the non-complex classification.",
    "confidence": 95,
    "risk_level": 7,
    "risk_explanation": "The fund is categorized as risk level 7 due to historical high rises and falls in returns, but this does not indicate complexity under MiFID II. The risk is primarily market-related and not due to complex financial structures or strategies."
}