{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR FTSE UK All Share UCITS ETF",
    "investment_objective": "Track the performance of the FTSE All-Share Index (UK equity market)",
    "primary_asset_class": "equity",
    "geographic_focus": "United Kingdom",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund that physically replicates the FTSE All-Share Index by holding the underlying UK equities directly. 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, and there is no mention of synthetic replication, swap agreements, or counterparty risk. The factsheet confirms physical replication with no use of swaps or leverage. The fund has no 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 rather than structural complexity). There are no capital protection or structured features. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The fund invests in liquid, transparent UK equities with no complex underlying assets. No complexity flags such as contingent convertible bonds or CLOs are present. The fund uses full replication and holds approximately 360-369 constituents of the index. The PRIIPs KID does not contain any comprehension warnings or complexity disclaimers. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and is suitable for retail investors without requiring specific investment knowledge related to complex instruments."
}