{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Utilities UCITS ETF",
    "investment_objective": "Track the performance of European large and mid-sized companies in the Utilities sector via the MSCI Europe Utilities 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 Utilities 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 the Fund may use financial derivative instruments only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The risk rating is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market volatility and sector concentration, not complexity). The Fund invests in liquid, transparent equity securities of large and mid-sized European utilities companies. The TER is low (0.18%) with no performance fees or complex fee structures. The factsheet confirms physical replication and no use of swaps or synthetic structures. No capital protection or structured features are present. The index tracked is a standard MSCI sector index with a 35/20 cap, which is a common diversification constraint and not a complexity factor under MiFID II. No references to contingent bonds, complex structured products, or derivative-based underlying assets were found. Therefore, the Fund does not meet the MiFID II criteria for classification as a complex financial instrument."
}