{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR Russell 2000 U.S. Small Cap UCITS ETF",
    "investment_objective": "Track the performance of the Russell 2000 Index, representing smaller U.S. companies",
    "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 tracks the Russell 2000 Index using an optimisation strategy (representative sampling) rather than full physical replication, but it invests directly in underlying securities. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management, not as an inherent part of the investment strategy, and no synthetic replication or swap usage is indicated. The factsheet confirms 'Optimised' replication with no mention of swaps or synthetic structures. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (5 out of 7) due to the volatility of small-cap equities, not due to structural complexity. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. No complex underlying assets such as contingent convertible bonds or CLOs are held. The Fund's risk disclosures focus on market and liquidity risks typical of equity ETFs, with no significant counterparty or derivative risks disclosed. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}