{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI All Country World Investable Market UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that tracks the MSCI ACWI IMI Index, investing primarily in equities of developed and emerging markets. The replication method is an optimisation strategy involving representative sampling of the index, with no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, thus derivatives are considered false for complexity purposes. There is no leverage, inverse or amplified exposure mentioned. The fund invests directly in liquid, transparent equity securities, with no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID, reflecting market volatility and emerging market exposure, not structural complexity). Costs are straightforward with a low TER (0.17%) and no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The factsheet confirms physical replication via representative sampling and no use of swaps or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}