{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Materials UCITS ETF",
    "investment_objective": "Track the performance of European large and mid-sized companies in the Materials sector via the MSCI Europe Materials 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 Materials 35/20 Capped Index by holding the underlying equity securities with approximate weightings as in the index. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, and no synthetic replication or swap usage is indicated. The factsheet confirms physical replication and no mention of funded or unfunded swaps or counterparty risk. There is no leverage, inverse exposure, or capital protection features. The risk rating is 5/7, reflecting market volatility but not complexity. Costs are straightforward with a TER of 0.18%, no performance fees, and no complex fee structures. The index tracked is a standard MSCI sector equity index without embedded complex derivatives or contingent bonds. No references to roll costs, contango, or backwardation are present. Overall, the ETF exhibits a clear, linear relationship to the underlying equity performance and minimal derivative use limited to risk management, supporting a non-complex classification under MiFID II."
}