{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Utilities UCITS ETF",
    "investment_objective": "Track the performance of the MSCI World Utilities 35/20 Capped Index, which measures global equities in the utilities 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 ETF is a UCITS-compliant fund domiciled in Ireland, tracking the MSCI World Utilities 35/20 Capped Index using a physical replication strategy. The KIID and PRIIPs KID explicitly state that the Fund invests primarily in securities included in the Index, which are equity securities classified under the utilities sector. The Fund may use derivatives only for efficient portfolio management, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (category 4 out of 7 in PRIIPs KID, category 6 in KIID, reflecting market volatility but not complexity). The ongoing charges are straightforward with a TER of 0.30%, no performance fees, and no complex fee structures. The underlying assets are liquid equities, with no complex structured products or contingent bonds. 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 capital protection or structured features are present. The factsheet confirms physical replication and no use of swaps or synthetic instruments. No PRIIPs comprehension warnings or retail investor suitability warnings indicating complexity are present. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and invests directly in liquid, transparent securities, supporting a non-complex classification under MiFID II."
}