{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Small Cap UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Small Cap UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI World Small Cap Index, which covers small cap equities across 23 developed markets. The fund uses an optimisation strategy to build a representative portfolio holding a subset of the index securities, indicating physical replication rather than synthetic. 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 swap agreements, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium-high (5 out of 7) reflecting the volatility of small cap equities, not complexity of the product structure. Costs are straightforward with a TER of 0.45%, no performance fees, and no swap or derivative fees. The factsheet confirms the replication method as optimised physical replication, no synthetic or swap-based replication, and no leverage. There are no capital protection or structured features. No complexity flags such as capital guarantees, barrier options, or contingent returns are present. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses derivatives only for risk management, thus qualifying as non-complex under MiFID II."
}