{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI All Country World Investable Market UCITS ETF",
    "investment_objective": "Track the performance of the MSCI ACWI IMI (All Country World Investable Market Index) as closely as possible",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global - Developed and Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that physically replicates the MSCI ACWI IMI index by holding a representative sample of the underlying securities. The KIID and PRIIPs KID explicitly state that the Fund may use derivatives only for efficient portfolio management in limited circumstances, not as an inherent part of the investment strategy, thus derivatives are considered false for complexity purposes. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (category 6 in KIID, 4 in PRIIPs KID), reflecting the volatility of global equity markets and emerging market exposure, not complexity of the product structure. Costs are straightforward with a low ongoing charge (0.17%) and no performance fees or swap fees. Securities lending is capped at 40% but this is a common practice and does not imply complexity. No capital protection or structured features are present. The Fund tracks a broad, transparent, and liquid equity index without complex underlying assets. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}