{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI All Country World UCITS ETF",
    "investment_objective": "Track the performance of the MSCI ACWI (All Country World Index) 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 domiciled in Ireland, tracking the MSCI ACWI Index using an optimised physical replication method. The KIID and PRIIPs KID documents confirm that the Fund primarily invests directly in the underlying equity securities of the index, holding a representative sample rather than all constituents, which is a common and accepted practice for large, diversified indices. The Fund may use derivatives only for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy, so derivative exposure is minimal and risk-managed. 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 (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID, reflecting market volatility and emerging market exposure rather than structural complexity). The Fund does not have capital protection or structured features. Costs are straightforward with a low ongoing charge (TER 0.12%) and no performance fees or swap fees. The monthly factsheet confirms physical replication (optimised), no use of swaps or synthetic structures, and a large, liquid portfolio of over 2,200 holdings across 49 countries. No complex underlying assets such as contingent convertible bonds or CLOs are held. The Fund uses securities lending up to 40% of NAV, which is common and disclosed, but this does not trigger complexity classification. There is no PRIIPs comprehension warning or other complexity flags. Overall, the Fund\u2019s structure, replication, and risk disclosures align with a non-complex classification under MiFID II."
}