{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Materials UCITS ETF",
    "investment_objective": "Track the performance of the MSCI World Materials 35/20 Capped Index, which includes equity securities of companies in the materials 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 Materials 35/20 Capped Index by holding the underlying equities with approximate weightings as in the index. The KIID and PRIIPs KID confirm the use of physical replication with no synthetic or swap-based replication. The Fund may use derivatives only for efficient portfolio management in exceptional circumstances, which does not constitute inherent derivative exposure. There is no leverage, inverse or amplified exposure. The underlying assets are equities in developed markets, liquid and transparent, with no complex structured products or contingent bonds. The risk profile is medium-high (risk category 6 in KIID, 4 in PRIIPs KID), reflecting sector concentration and market volatility rather than structural complexity. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. No capital protection or structured features are present. The factsheet confirms physical replication, no swap usage, and a well-diversified equity portfolio. There are no complexity flags such as synthetic replication, leverage, contingent bonds, or capital protection mechanisms. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}