{
    "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. Health Care Select Sector UCITS ETF is a physically replicated ETF that tracks the S&P Health Care Select Sector Daily Capped 25/20 Index. The KIID and PRIIPs documents confirm it uses physical replication (direct purchase of underlying securities) with no mention of synthetic replication, swaps, or leverage. The fund's investment objective is straightforward: to track the performance of large U.S. healthcare companies in the S&P 500. The risk profile (category 6) reflects the volatility of the healthcare sector rather than structural complexity. The fund's use of derivatives is limited to efficient portfolio management (e.g., managing tracking error), not for leverage or inverse exposure. The PRIIPs KID does not include a comprehension warning, and the fact sheet confirms physical replication. No complex underlying assets (e.g., CoCos, CLOs) are mentioned. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}