{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Value UCITS ETF",
    "investment_objective": "Track the performance of European equities with a higher weighting applied to equities exhibiting low valuation characteristics, specifically the MSCI Europe Value Exposure Select 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 domiciled in Ireland, tracking the MSCI Europe Value Exposure Select Index through physical replication. The KIID and PRIIPs KID documents confirm that the Fund primarily invests directly in the underlying securities of the index, with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives are only used, if at all, for efficient portfolio management, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is medium-high (category 6 in KIID) reflecting equity market volatility rather than structural complexity. The ongoing charges are straightforward with no performance fees or swap fees. The factsheet confirms physical replication and no use of swaps or synthetic structures. The index tracked is a standard MSCI value index with no complex structured products or contingent bonds. No complexity flags such as contingent convertible bonds, leverage, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}