{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Optimised replication"
    ],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World GBP HDG UCITS ETF is classified as non-complex under MiFID II. While it uses derivatives for currency hedging (100% hedged to GBP via forward contracts), this is a standard practice for hedged ETFs and does not introduce significant complexity. The fund uses physical replication with optimisation, which is a common and transparent approach. The underlying index (MSCI World) is straightforward, consisting of large and mid-cap equities across developed markets. The fund has a low ongoing charge (0.17%) and no leverage or inverse exposure. The risk profile (category 6) reflects the volatility of global equities rather than structural complexity. The KIID and PRIIPs KID do not contain any 'comprehension warnings' or indications that the product is unsuitable for retail investors. The fact sheet confirms the fund's physical replication with optimisation and currency hedging via derivatives, but these are standard practices for hedged ETFs and do not trigger complexity under MiFID II.",
    "confidence": 90
}