{
    "fund_name": "SPDR MSCI Europe Consumer Staples UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Europe Consumer Staples UCITS ETF is classified as non-complex under MiFID II regulations. The primary reasons for this classification are: (1) The fund uses physical replication to track the MSCI Europe Consumer Staples 35/20 Capped Index, holding the underlying securities directly. (2) While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, there is no indication of extensive or sophisticated derivative usage that would materially alter the risk profile. (3) The fund has a straightforward investment objective of tracking a specific sector index without leverage or inverse strategies. (4) The risk profile is clearly disclosed with a risk rating of 5, which is appropriate for an equity sector fund but doesn't indicate unusual complexity. (5) The fund is UCITS compliant, which imposes strict regulations on transparency and investor protection. (6) The ongoing charges are clearly stated at 0.18% with no performance fees or complex fee structures. (7) The fund provides regular liquidity with daily trading on multiple exchanges. While the KIID mentions potential use of derivatives for portfolio management, this appears to be within standard UCITS guidelines for efficient portfolio management rather than creating additional complexity.",
    "confidence": 95,
    "risk_level": 5,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_features": false,
    "capital_protection": false,
    "benchmark_complexity": false
}