{
    "fund_name": "SPDR MSCI Europe Utilities UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Europe Utilities 35/20 Capped Index, investing directly in large and mid-sized European utility companies. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The fund's risk profile (category 6) is primarily due to the underlying index's volatility rather than structural complexity. The use of derivatives is limited to 'efficient portfolio management' (likely for hedging or liquidity purposes), which does not trigger MiFID II complexity. The fund is UCITS-compliant, further indicating a non-complex structure. The fact sheet confirms physical replication and no swap usage. The index itself is a straightforward, market-cap-weighted equity index without embedded derivatives or structured features.",
    "confidence": 95
}