{
    "fund_name": "SPDR MSCI World UCITS ETF (Acc)",
    "isin": "IE00BFY0GT14",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication method (sampling)",
        "Potential for securities lending (up to 40% of NAV)",
        "Complex index with 1,395 constituents across developed markets"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with an optimised sampling approach to track the MSCI World Index, which is a broad, transparent equity index. While it uses derivatives for efficient portfolio management (as stated in the KIID), there is no evidence of synthetic replication, leverage, or inverse strategies. The securities lending exposure is capped at 40% of NAV, which is within typical UCITS limits. The index itself is a standard equity benchmark, and the ETF's risk profile (category 6) reflects the volatility of global equities rather than structural complexity. The PRIIPs KID and fact sheet confirm no comprehension warnings or complex derivative strategies. The primary complexity factors are the optimised replication and securities lending, but these do not meet MiFID II's criteria for a 'complex' instrument.",
    "confidence": 90
}