{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI World Value UCITS ETF",
    "investment_objective": "Track the performance of global developed market equities with a higher weighting applied to equities exhibiting low valuation characteristics, specifically the MSCI World Value Exposure Select Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed 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 World Value Exposure Select Index through physical replication. The KIID and PRIIPs KID documents confirm the Fund primarily invests directly in underlying equities included in the index, with no synthetic replication or use of swap agreements. The Fund may use derivatives only for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk rating is 6/7 in the KIID, reflecting market volatility of equities rather than structural complexity. The Fund does not hold complex underlying assets such as contingent convertible bonds or CLOs. The factsheet confirms physical replication, no mention of swaps or synthetic structures, and a straightforward index tracking objective. Costs are simple with a TER of 0.25%, no performance fees, and no swap or derivative fees. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and uses derivatives only for risk management, not as a core strategy. Therefore, under MiFID II, this ETF is classified as non-complex."
}