{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Consumer Staples UCITS ETF",
    "investment_objective": "Track the performance of European large and mid-sized companies in the Consumer Staples sector via the MSCI Europe Consumer Staples 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 that physically replicates the MSCI Europe Consumer Staples 35/20 Capped Index by holding equity securities of large and mid-sized European companies in the Consumer Staples sector. The KIID and PRIIPs KID explicitly state that the Fund uses a replication strategy to create a near mirror-image of the Index, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives are only used, if at all, for efficient portfolio management, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is medium (category 4-5), consistent with equity market risk, but no complexity flags such as contingent bonds or structured products are present. The ongoing charges are straightforward with no performance fees or swap fees. The factsheet confirms physical replication and no use of swaps or synthetic structures. The index tracked is a standard MSCI sector index without complex features. Therefore, the Fund does not meet the MiFID II criteria for a complex financial instrument."
}