{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Europe Health Care UCITS ETF is a physically replicated, UCITS-compliant ETF that tracks the MSCI Europe Health Care 35/20 Capped Index. The KIID and PRIIPs documents confirm that the fund uses physical replication to track the index, with no mention of synthetic replication, swaps, or derivative instruments beyond standard portfolio management techniques. The fund's investment objective is straightforward: to track the performance of large and mid-sized European healthcare companies. The risk profile (category 6) reflects the volatility of the underlying index rather than any inherent complexity in the fund's structure. The fact sheet further confirms physical replication and lists the top holdings, which are all large, liquid healthcare companies. There are no references to leverage, inverse strategies, or complex structured products. The fund's TER (0.18%) is typical for a passive ETF, and there are no unusual fee structures or performance fees. The absence of any 'comprehension warning' in the PRIIPs document also supports the non-complex classification. The fund's liquidity and transparency align with MiFID II's criteria for non-complex instruments.",
    "confidence": 95
}