{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Sector Concentration, Emerging Market Exposure, Illiquid Securities",
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P Europe Defense Vision UCITS ETF is a UCITS-compliant ETF that tracks a European defense sector equity index. The fund uses a physical replication strategy, investing primarily in the underlying securities of the index, which consists of European large, mid, and small-cap companies engaged in defense-related activities. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for efficient portfolio management in exceptional circumstances, which does not constitute inherent derivative exposure. The fund does not employ leverage, inverse or amplified return strategies. The risk profile is high (category 7) due to the volatility of the defense sector, concentration risk, and exposure to emerging markets and smaller companies, which may include illiquid securities. However, these factors relate to market and sector risk rather than structural complexity of the product. There are no capital protection features or structured product elements. Fees are straightforward with a single ongoing charge and no performance fees or swap fees. The fund\u2019s replication method, lack of leverage, and absence of synthetic or derivative-based replication lead to a non-complex classification under MiFID II. The high risk rating reflects market volatility and sector concentration, not complexity of the instrument itself."
}