{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging via derivatives",
        "Optimised replication"
    ],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI All Country World UCITS ETF (Acc) is classified as non-complex under MiFID II based on the following analysis: 1) It uses physical replication with optimised sampling, not synthetic replication. 2) While it uses derivatives for currency hedging (as disclosed in the fact sheet), this is for efficient portfolio management rather than as an inherent part of the investment strategy. 3) There is no leverage, inverse exposure, or complex structured features. 4) The underlying index (MSCI ACWI with Developed Markets 100% hedged to EUR) is a standard equity index. 5) The fund is UCITS-compliant and has a straightforward risk profile (risk category 6). The use of derivatives for currency hedging is common in ETFs and does not automatically trigger complexity under MiFID II when used for efficient portfolio management. The optimised replication method is also standard practice for large-cap global equity ETFs. The fund's disclosure is transparent, and the risks are clearly explained in the KIID.",
    "confidence": 90
}