{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Emerging Markets UCITS ETF",
    "investment_objective": "Track the performance of the MSCI Emerging Markets Index as closely as possible",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS compliant ETF that physically replicates the MSCI Emerging Markets Index by holding the underlying securities with approximate weightings as in the Index. The KIID and PRIIPs KID documents confirm the use of physical replication and only limited use of derivatives for efficient portfolio management, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The Fund does not employ leverage or inverse strategies. The risk profile is medium-high (category 6 in KIID, 4/7 in PRIIPs), reflecting the volatility of emerging markets equities rather than structural complexity. The ongoing charges are low (0.18%), with no performance fees or complex fee structures. The monthly factsheet confirms replication method as 'Replicated' (physical), no synthetic or swap-based replication, and the underlying assets are liquid equities from emerging markets. No capital protection or structured features are present. No complexity flags such as contingent convertible bonds or complex derivatives are identified. Overall, the Fund exhibits a straightforward, transparent, and linear investment strategy consistent with a non-complex classification under MiFID II."
}