{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Climate Paris Aligned UCITS ETF is classified as non-complex under MiFID II regulations. The fund uses physical replication to track the MSCI World Climate Paris Aligned Index, which consists of large and mid-sized equities in developed markets. The KIID explicitly states that the fund seeks to hold all securities of the index with approximate weightings, indicating a straightforward replication strategy. While the fund may use financial derivative instruments for efficient portfolio management, this is limited to managing the portfolio and does not involve synthetic replication, leverage, or complex strategies. The risk profile is rated at level 6, which is high but not necessarily indicative of complexity under MiFID II. The fund is UCITS compliant, further supporting its non-complex classification. The absence of leverage, inverse exposure, or significant derivative usage, along with the clear and transparent investment strategy, aligns with the criteria for a non-complex financial instrument.",
    "confidence": 95
}