{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI All Country World Investable Market UCITS ETF is a UCITS-compliant ETF that seeks to track the MSCI ACWI IMI Index primarily through physical replication by holding a representative subset of the index's underlying securities. It uses derivatives only for efficient portfolio management (EPM) purposes, such as managing inflows/outflows or hedging currency risk, with limited impact on the risk-return profile. The ETF does not employ leverage beyond UCITS limits, does not embed derivatives integral to its investment objective, and does not invest in complex structured products like CLOs. The underlying index is transparent and well-documented. Securities lending is used but capped at 40% of net asset value and managed within UCITS collateral requirements, which does not automatically trigger complexity. The ETF's structure and risks (market volatility, tracking error) are straightforward and understandable by retail investors with basic knowledge. According to MiFID II Article 25(4)(a)(iv) and Article 57 of the Commission Delegated Regulation, UCITS ETFs that physically replicate transparent indices and use derivatives only for EPM with minimal risk are classified as non-complex. There is no indication of embedded derivatives, significant leverage, or opaque features that would render the ETF complex. Therefore, this ETF is classified as non-complex under MiFID II."
}