{
    "fund_name": "SPDR MSCI World Health Care 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 World Health Care 35/20 Capped Index, which consists of global healthcare equities. There is no mention of synthetic replication, swaps, or derivatives in the KIID or fact sheet. The fund's investment policy focuses on direct investment in securities included in the index, with no leverage or inverse exposure. The risk profile is rated 6/7, but this reflects the volatility of the healthcare sector rather than structural complexity. The fund is UCITS-compliant, which typically implies a higher standard of transparency and liquidity. The fact sheet confirms the replication method is 'replicated' (physical) and there are no references to swap usage or derivative instruments beyond standard portfolio management. The index itself is a capped equity index, which is straightforward and transparent.",
    "confidence": 95
}