{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI All Country World UCITS ETF (Acc) is a physically replicated, non-leveraged ETF that tracks the MSCI ACWI Index. It uses an optimised replication method (representative sampling) but does not employ synthetic replication, swaps, or derivatives for investment purposes. The fund's risk profile (category 6) reflects the volatility of global equity markets rather than structural complexity. The KIID and PRIIPs documents confirm UCITS compliance and standard ETF features. The fact sheet shows physical replication with no derivative usage beyond efficient portfolio management. No complexity indicators (e.g., capital protection, contingent bonds, or inverse strategies) are present. The fund's transparency, liquidity, and straightforward equity exposure align with MiFID II non-complex criteria.",
    "confidence": 95
}