{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Consumer Discretionary UCITS ETF",
    "investment_objective": "Track the performance of the MSCI World Consumer Discretionary 35/20 Capped Index, investing primarily in equity securities of companies in the consumer discretionary sector across developed markets globally.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that physically replicates the MSCI World Consumer Discretionary 35/20 Capped Index by holding the underlying equity securities directly. The KIID and PRIIPs KID explicitly state that the Fund may use derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, which means derivatives usage is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The Fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (category 5-6), reflecting equity market volatility and sector concentration risk, but not complexity from structural features. The factsheet confirms physical replication, no use of swaps, and a straightforward equity index strategy with 130-135 holdings. Fees are simple with a 0.30% ongoing charge and no performance fees or swap fees. No complex underlying assets such as contingent convertible bonds or CLOs are held. There are no capital protection or structured product features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no synthetic or leveraged elements, supporting a non-complex classification under MiFID II."
}