{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Financials UCITS ETF",
    "investment_objective": "Track the performance of European large and mid-sized companies in the Financial sector, specifically the MSCI Europe Financials 35/20 Capped Index (EUR).",
    "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 Financials 35/20 Capped Index by holding the underlying equity securities in approximate weightings as the index. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The Fund may use derivatives only for efficient portfolio management in exceptional circumstances, which does not constitute inherent derivative exposure. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is medium-high (5 out of 7) reflecting equity market volatility and sector concentration risk, not complexity. The ongoing charges are straightforward with no performance fees or swap fees. The monthly factsheet confirms 83 underlying equity holdings, no complex structured products, and no use of swaps or synthetic replication. There are no references to complex bonds such as contingent convertibles or AT1 bonds. The index tracked is a standard MSCI sector index with a 35/20 cap, which is a common index methodology and not inherently complex. No complexity flags such as capital protection, barrier options, or contingent return formulas are present. The PRIIPs KID does not carry any comprehension warnings. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}