{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Health Care UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI World Health Care 35/20 Capped Index through physical replication. The KIID and PRIIPs KID documents confirm the fund primarily invests directly in equity securities of healthcare companies globally, 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, not as an inherent element of the 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 relates to market volatility, not structural complexity). The fund does not employ capital protection, structured features, or invest in complex underlying assets such as contingent convertible bonds or CLOs. The factsheet confirms physical replication with a TER of 0.30%, no performance fees, and no swap or derivative fees. The index tracked is a standard MSCI sector equity index with 136 constituents, no complex or structured indices. No counterparty risk or collateral management risks are disclosed. The fund uses securities lending up to 40% of NAV, which is common and not a complexity factor under MiFID II. No PRIIPs comprehension warnings or complexity flags are present. Overall, the fund exhibits a straightforward, transparent, physical replication strategy with direct investment in liquid equities, minimal derivative use for risk management only, no leverage, and no complex features, leading to a non-complex classification under MiFID II."
}