{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Small Cap UCITS ETF",
    "investment_objective": "Track the performance of small sized companies in developed equity markets globally by tracking the MSCI World Small Cap Index",
    "primary_asset_class": "equity",
    "geographic_focus": "developed markets globally",
    "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 tracks the MSCI World Small Cap Index using an optimisation strategy to build a representative portfolio, typically holding a subset of the index securities. The KIID and PRIIPs KID explicitly state that the Fund may use financial derivative instruments only to manage the portfolio efficiently, not as an inherent part of the investment strategy, indicating derivatives usage is for risk management rather than exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The replication method is physical via representative sampling. There is no leverage, inverse or amplified exposure. The Fund invests directly in equities of small companies in developed markets, which are liquid and transparent securities. The risk profile is medium-high (risk category 4 in PRIIPs KID, 6 in KIID, reflecting volatility of small caps rather than complexity). No capital protection or structured features are present. Costs are straightforward with no performance fees or swap fees. The Fund uses securities lending up to 40% of NAV, which is common and does not trigger complexity classification. No complex underlying assets such as contingent convertible bonds or CLOs are held. The PRIIPs KID does not carry any comprehension warnings. Therefore, under MiFID II criteria, the Fund is classified as non-complex."
}