{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Emerging Markets Small Cap UCITS ETF",
    "investment_objective": "Track the performance of the MSCI Emerging Markets Small Cap Index",
    "primary_asset_class": "equity",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS compliant ETF that tracks the MSCI Emerging Markets Small Cap Index using an optimisation strategy (representative sampling) rather than full physical replication, but there is no indication of synthetic replication or use of swap agreements. The Fund may use derivatives only for efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure mentioned. The underlying assets are equities of small-cap companies in emerging markets, which are liquid and transparent securities. The risk profile is medium-high (risk category 6 in KIID, 4 in PRIIPs KID), reflecting market volatility and emerging market risks, but not complexity from product structure. No capital protection or structured features are present. Costs are straightforward with a TER of 0.55%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The factsheet confirms no swap usage and no complex underlying assets such as contingent bonds. Therefore, the ETF is classified as non-complex under MiFID II."
}