{
    "complex": false,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI World Small Cap UCITS ETF is a physically replicated, UCITS-compliant ETF that tracks the MSCI World Small Cap Index. It uses an optimised replication method (a subset of the index) but does not employ synthetic replication, swaps, or derivatives for investment purposes. The fund's risk profile is primarily driven by exposure to small-cap equities in developed markets, which is a straightforward and transparent strategy. The KIID and PRIIPs KID documents confirm no leverage, inverse strategies, or complex structured features. The fund's use of derivatives is limited to efficient portfolio management (e.g., hedging, reducing transaction costs), which does not trigger MiFID II complexity. The risk category (6/7) reflects the inherent volatility of small-cap equities rather than structural complexity. No 'comprehension warning' is present in the PRIIPs KID, further supporting the non-complex classification.",
    "confidence": 95
}