{
    "fund_name": "SPDR S&P U.S. Communication Services Select Sector UCITS ETF (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "No significant complexity factors identified",
        "Physical replication method",
        "No leverage or inverse exposure",
        "No swap agreements or synthetic replication",
        "Straightforward index-tracking strategy"
    ],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P U.S. Communication Services Select Sector UCITS ETF (Acc) is classified as non-complex under MiFID II based on the following analysis: The fund uses physical replication to track the S&P Communication Services Select Sector Daily Capped 35/20 Index, investing directly in the underlying securities of large U.S. communication services companies. There is no mention of synthetic replication, swap agreements, or derivative instruments being used for the investment strategy. The fund does not employ leverage or inverse exposure, and its risk profile (category 6) is primarily driven by the volatility of the underlying sector rather than structural complexity. The fund's low ongoing charge (0.15%) and straightforward accumulation structure further support its non-complex classification. The KIID and fact sheet confirm that the fund's objective is to track the performance of the index through direct investment in its constituents, with no indication of complex derivative strategies or structured products. The fund's UCITS compliance and transparent, liquid holdings in large-cap U.S. companies align with typical non-complex ETF characteristics.",
    "confidence": 95
}