{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Health Care UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Europe Health Care UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI Europe Health Care 35/20 Capped Index. The fund uses a physical replication method aiming to hold all securities of the index with approximate weightings, as confirmed by the factsheet and KIID. The fund may use financial derivatives only for efficient portfolio management (EPM) purposes, not as an inherent part of the investment strategy, thus derivatives are marked false. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are large and mid-sized European healthcare equities, which are liquid and transparent. No capital protection or structured features are present. The risk profile is medium-high (risk category 6 in KIID, 4 in PRIIPs KID), reflecting market volatility and concentration risk, but not complexity from derivatives or leverage. Costs are straightforward with a TER of 0.18%, no performance fees, and no complex fee structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}