{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Financials UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Financials UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI World Financials 35/20 Capped Index. The fund uses a physical replication strategy aiming to hold all securities in the index with approximate weightings, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, and there is no mention of funded or unfunded swaps, counterparty risk, or derivative counterparty exposure. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (category 5-6), reflecting the volatility of the financial sector equities rather than structural complexity. The factsheet confirms the fund holds direct equity securities in the financial sector globally, with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. There are no complexity flags such as capital guarantees, structured returns, or significant counterparty risk disclosures. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}