{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Energy UCITS ETF",
    "investment_objective": "Track the performance of the MSCI World Energy 35/20 Capped Index, which includes equity securities of companies in the energy 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 Energy 35/20 Capped Index by holding the underlying equity securities directly. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for efficient portfolio management, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk rating is high (6-7) due to the sector concentration and market volatility, but this does not imply complexity under MiFID II. The factsheet confirms replication method as 'Replicated' (physical), no use of swaps or synthetic structures, and a straightforward equity index tracking objective. Costs are simple with a TER of 0.30%, no performance fees, and no complex fee structures. No references to complex underlying assets such as contingent convertible bonds or structured products are found. The index tracked is a standard MSCI sector index with a 35/20 cap, which is a common index methodology and not inherently complex. No PRIIPs comprehension warnings or complexity flags are present. Therefore, the ETF is classified as non-complex under MiFID II."
}