{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI All Country World Investable Market UCITS ETF is classified as non-complex under MiFID II regulations. The primary reasons for this classification are: (1) The ETF uses physical replication (optimized sampling) to track the MSCI ACWI IMI Index, which is a straightforward and transparent methodology. (2) While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, there is no indication that these are used for leverage, inverse strategies, or complex synthetic replication. (3) The ETF has a clear investment objective of tracking a broad, well-known equity index without any leverage or inverse components. (4) The risk profile, while rated at level 6 (indicating higher volatility), is consistent with the underlying asset class (global equities) and does not introduce additional complexity. (5) The ETF is UCITS-compliant, which imposes strict regulatory standards on transparency and investor protection. (6) There are no mentions of capital protection mechanisms, structured features, or complex underlying assets like contingent bonds. (7) The cost structure is simple with a straightforward ongoing charge of 0.17% and no performance fees. The fact sheet confirms the physical replication method and provides detailed, transparent information about holdings, performance, and risks, further supporting the non-complex classification.",
    "confidence": 95
}