{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World UCITS ETF",
    "investment_objective": "Track the performance of large and mid-sized equities in developed markets globally by replicating the MSCI World 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 SPDR MSCI World UCITS ETF is a UCITS-compliant equity ETF that seeks to track the MSCI World Index through an optimisation strategy that builds a representative physical portfolio holding a subset of the index securities. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for efficient portfolio management in exceptional circumstances, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The fund invests directly in large and mid-cap equities in developed markets, which are liquid and transparent. The risk profile is medium-high (risk category 6 in KIID) reflecting equity market volatility, but this does not imply complexity under MiFID II. Costs are straightforward with a TER of 0.12%, no performance fees, and no swap or derivative fees. The factsheet confirms no use of swaps or synthetic replication and no complex underlying assets. There are no complexity flags such as contingent bonds, structured products, or significant counterparty risk. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Overall, the fund\u2019s structure and documentation indicate a straightforward, physical replication equity ETF with no inherent complexity factors under MiFID II rules."
}