{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Communication Services UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication to track the MSCI World Communication Services 35/20 Capped Index, 2) There is no evidence of synthetic replication, swaps, or derivative instruments being used for investment purposes (only for efficient portfolio management), 3) The fund does not employ leverage or inverse strategies, 4) The underlying assets are straightforward equities in the communication services sector, 5) The fund is UCITS-compliant and follows a transparent, index-tracking strategy. The risk profile (category 6) reflects the volatility of the underlying index rather than structural complexity. The fact sheet confirms physical replication and no swap usage. No comprehension warning appears in the PRIIPs KID, further supporting the non-complex classification.",
    "confidence": 95
}