{
    "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 Utilities UCITS ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication, as stated in the fact sheet ('Replicated'). There is no mention of synthetic replication, swaps, or derivative instruments in the KIID or fact sheet.2. **Derivative Usage**: While the KIID mentions the possibility of using financial derivative instruments for efficient portfolio management, this is standard language for UCITS funds and does not indicate actual derivative usage. The fact sheet confirms physical replication.3. **Leverage/Inverse Exposure**: No leverage or inverse exposure is mentioned in any document.4. **Underlying Assets**: The fund invests in global utility equities, which are straightforward and liquid securities. The index (MSCI World Utilities 35/20 Capped) is a standard market-cap-weighted index with no complex features.5. **Risk Profile**: The fund is in risk category 6, but this reflects the volatility of the utility sector, not the complexity of the fund structure. The risk is easily understandable for retail investors.6. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits complexity.7. **Transparency**: The fund provides clear, regular reporting on holdings and performance, with no indications of hidden risks or opaque structures.The absence of derivatives, leverage, or complex underlying assets, combined with the fund's straightforward physical replication strategy and UCITS compliance, supports the non-complex classification.",
    "confidence": 95
}