{
    "fund_name": "SPDR MSCI World Small Cap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Small Cap UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication (optimized sampling) to track the MSCI World Small Cap Index, which consists of liquid, publicly traded small-cap equities across developed markets. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, there is no indication of extensive or sophisticated derivative usage that would materially alter the risk profile or require specialist knowledge. The fund's risk profile (category 6) is primarily driven by the volatility inherent in small-cap equities rather than structural complexity. The absence of leverage, inverse strategies, or synthetic replication further supports the non-complex classification. The fund's transparency, liquidity, and straightforward investment objective align with MiFID II criteria for non-complex instruments.",
    "confidence": 95
}