{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Europe Industrials UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI Europe Industrials 35/20 Capped Index. The fund uses a physical replication method aiming to hold all securities in the index with approximate weightings, as confirmed by the factsheet and KIID. The KIID and PRIIPs KID mention that derivatives may be used only for efficient portfolio management in exceptional circumstances, but this is not an inherent part of the investment strategy, so 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, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (category 5-6), reflecting market volatility and concentration risk in the industrials sector, but not complexity from structural features. Costs are straightforward with a TER of 0.18%, no performance fees, and no swap or derivative fees. The factsheet confirms physical replication and no use of synthetic instruments. There are no capital protection or structured features. No complexity flags such as capital guarantees, barrier options, or contingent returns are present. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid equity securities, and uses derivatives only for risk management if at all. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}