{
    "fund_name": "SPDR S&P U.S. Utilities Select Sector UCITS ETF",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P U.S. Utilities Select Sector UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the S&P Utilities Select Sector Daily Capped 25/20 Index, investing directly in the underlying securities. There is no evidence of leverage, inverse strategies, or significant derivative usage beyond what is permitted for efficient portfolio management. The fund is UCITS-compliant, which imposes strict regulatory safeguards, and it has a straightforward investment objective focused on large U.S. utilities companies. The risk profile is clearly disclosed, and the fund provides regular liquidity, making it suitable for retail investors. The absence of complex features such as capital protection mechanisms, structured products, or illiquid assets further supports this classification.",
    "confidence": 95
}