{
    "name": "SPDR MSCI World Utilities 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 Utilities UCITS ETF is classified as non-complex under MiFID II regulations. The primary reasons for this classification are: (1) The ETF uses physical replication to track the MSCI World Utilities 35/20 Capped Index, holding the underlying securities directly. (2) While the KIID mentions the use of financial derivative instruments for efficient portfolio management, this appears to be for hedging or operational purposes rather than as a core strategy. (3) There is no indication of leverage, inverse exposure, or synthetic replication. (4) The risk profile (category 6) is primarily due to market volatility rather than structural complexity. (5) The ETF is UCITS-compliant, which imposes strict limits on derivative usage and risk. (6) The underlying assets are straightforward equity securities in the utilities sector. The ETF's structure and strategy are transparent and suitable for retail investors, with no features that would require specialist knowledge to understand.",
    "confidence": 95
}