{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World UCITS ETF aims to track the MSCI World 100% Hedged to GBP Index, investing primarily in large and mid-sized equities in developed markets globally. The fund uses an optimisation strategy to build a representative portfolio, typically holding a subset of the index securities, indicating physical (optimised) replication rather than synthetic replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy, only limited use of derivatives for efficient portfolio management and currency hedging. The fund is UCITS compliant, with no leverage or inverse exposure. The risk profile is medium-high (risk category 6 in KIID), driven by market volatility of equities rather than structural complexity. Costs are straightforward with a TER of 0.17%, no performance fees, and no swap or derivative fees disclosed. The factsheet confirms physical replication and no use of swaps or complex underlying assets. There are no capital protection features or structured product elements. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses derivatives only for hedging and efficient management, not as an inherent part of the strategy. Therefore, under MiFID II, this ETF is classified as non-complex."
}