{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Consumer Staples UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI World Consumer Staples 35/20 Capped Index using a physical replication strategy. The KIID and PRIIPs KID explicitly state that the Fund seeks to hold all or nearly all securities of the index with approximate weightings, indicating full physical replication. The Fund may use derivatives only for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy, so derivative use is minimal and risk management oriented. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (category 4-5), consistent with equity market volatility, but no complexity flags such as capital protection or structured features are present. Costs are straightforward with a single ongoing charge (TER) of 0.30%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of synthetic instruments. There are no complexity warnings or comprehension warnings in the PRIIPs KID. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent equity securities, and does not use leverage or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}