{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe UCITS ETF",
    "investment_objective": "Track the performance of European large and mid-sized companies via the MSCI Europe Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets within Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Europe UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the MSCI Europe Index through physical replication. The KIID and PRIIPs KID documents confirm the fund primarily invests directly in the underlying securities of the index, with no synthetic replication or use of swap agreements. Derivatives are only used, if at all, for efficient portfolio management rather than as an inherent part of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The fund's risk rating is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this reflects market volatility rather than structural complexity). The fund holds a diversified basket of large and mid-cap European equities, with no complex underlying assets such as contingent convertible bonds or CLOs. The factsheet confirms physical replication and no mention of funded or unfunded swaps or counterparty risk. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. 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 include any comprehension warnings or specific complexity disclosures. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and straightforward risk factors typical of a physical equity ETF. Therefore, under MiFID II, this ETF is classified as non-complex."
}