{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Communication Services 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 that tracks the MSCI World Communication Services 35/20 Capped Index using a physical replication strategy, aiming to hold all or nearly all securities in the index. 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 synthetic replication, swap agreements, or counterparty risk. The factsheet confirms replication method as 'Replicated' (physical), with no indication of leverage, inverse exposure, or complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (category 5-6) due to equity market volatility and sector concentration, not due to structural complexity. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The index tracked is a standard MSCI sector index with capped weights, which is transparent and liquid. No complexity flags such as synthetic replication, leverage, or complex derivatives are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}