{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR S&P 400 U.S. Mid Cap UCITS ETF (Acc)",
    "investment_objective": "Track the equity market performance of mid-sized U.S. companies by replicating the S&P MidCap 400 Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "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 physically replicates the S&P MidCap 400 Index by holding the underlying securities with approximate weightings as in the Index. The KIID and PRIIPs KID explicitly state that the Fund uses a replication strategy and only uses derivatives for efficient portfolio management in exceptional circumstances, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The Fund does not employ leverage or inverse strategies. The risk profile is medium-high (category 6) due to equity market volatility, not due to structural complexity. The ongoing charges are straightforward with no performance fees or complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or leverage. The underlying assets are liquid mid-cap US equities, with no complex structured products or contingent bonds. No capital protection or structured features are present. Therefore, the Fund does not meet MiFID II criteria for a complex financial instrument."
}