{
    "fund_name": "SPDR MSCI World Industrials UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Industrials UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the MSCI World Industrials 35/20 Capped Index, investing directly in the underlying securities. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, this is limited to standard hedging or operational purposes and does not introduce material complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile (category 6) is primarily due to market volatility rather than structural complexity. The fund is UCITS-compliant, providing transparency and liquidity suitable for retail investors. The absence of capital protection mechanisms, structured features, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95
}