{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Energy UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Europe Energy UCITS ETF is a UCITS-compliant ETF that tracks the MSCI Europe Energy 35/20 Capped Index, focusing on large and mid-sized European energy sector companies. The fund uses a physical replication strategy aiming to hold all securities in the index with approximate weightings, as confirmed by the KIID, PRIIPs KID, and the monthly factsheet. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy, only limited use of derivatives for portfolio management efficiency, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is high (category 6-7) due to market volatility and sector concentration, not due to structural complexity. Costs are straightforward with a low TER (0.18%) and no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. The fund\u2019s holdings are liquid, transparent equity securities, and the index is a standard MSCI sector index with capped issuer weights to reduce concentration risk. Therefore, the ETF is classified as non-complex under MiFID II."
}