{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Consumer Discretionary UCITS ETF",
    "investment_objective": "Track the performance of European large and mid-sized companies in the Consumer Discretionary sector via the MSCI Europe Consumer Discretionary 35/20 Capped Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "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 domiciled in Ireland, tracking the MSCI Europe Consumer Discretionary 35/20 Capped Index primarily through physical replication. The KIID and PRIIPs KID documents confirm the Fund invests directly in equity securities of large and mid-sized European companies in the Consumer Discretionary sector. There is explicit mention that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and for risk management purposes only. No synthetic replication, swap agreements, or counterparty risk disclosures are present. The Fund does not employ leverage, inverse or amplified exposure. The risk rating is 5 out of 7, indicating medium-high market risk typical of equity sector funds, but no complexity flags such as capital protection, structured products, or contingent bonds are identified. The factsheet confirms physical replication, no use of swaps, and a straightforward index tracking approach. Costs are simple with a TER of 0.18%, no performance fees, and no complex fee structures. No PRIIPs comprehension warnings or complexity flags are present. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance with transparent holdings and no complex derivative or leverage features, supporting a non-complex classification under MiFID II."
}