{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Industrials UCITS ETF",
    "investment_objective": "Track the performance of the MSCI World Industrials 35/20 Capped Index, which measures global equities in the industrials sector across developed markets.",
    "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 Industrials 35/20 Capped Index by holding the underlying equity securities directly. The KIID and PRIIPs KID documents confirm the use of a physical replication strategy with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives are only used, if at all, for efficient portfolio management, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID, reflecting equity market volatility rather than structural complexity). The factsheet confirms the fund holds approximately 255-260 equity securities in the industrials sector globally, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. No swap usage or counterparty risk is disclosed. Costs are straightforward with a single ongoing charge of 0.30% and no performance fees or swap fees. There are no complexity flags such as capital protection, structured returns, or significant counterparty risk. The fund\u2019s tracking error and standard deviation are low and consistent with a physical equity ETF. The PRIIPs KID does not contain any comprehension warnings or complexity disclaimers. Overall, the fund\u2019s structure and documentation indicate a straightforward, physically replicated equity ETF with no synthetic or leveraged elements, thus it is classified as non-complex under MiFID II."
}