{
    "fund_name": "SPDR S&P U.S. Utilities Select Sector UCITS ETF (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "None identified"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P Utilities Select Sector Daily Capped 25/20 Index, which consists of large U.S. utilities companies in the S&P 500. The fund does not use derivatives, swaps, or leverage. The index is well-diversified, and the fund's risk profile is straightforward, with risks primarily related to equity market fluctuations. The fund is UCITS-compliant, which typically indicates a lower complexity level. The KIID and PRIIPs KID do not contain any warnings or disclosures suggesting complexity. The fact sheet confirms the fund's physical replication method and lack of derivative usage. The fund's risk category (6) is based on historical volatility, not structural complexity.",
    "confidence": 95
}