{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Europe Small Cap Value Weighted UCITS ETF",
    "investment_objective": "Track the performance of European small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics.",
    "primary_asset_class": "equity",
    "geographic_focus": "Europe (15 developed 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 Europe Small Cap Value Weighted Index using an optimisation strategy to build a representative physical portfolio holding a subset of the index securities. The KIID and PRIIPs KID explicitly state 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 'Replication Method: Optimised' which implies physical replication rather than synthetic. There is no mention of swap agreements, total return swaps, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (category 5 out of 7) reflecting the volatility of small cap equities rather than structural complexity. Costs are straightforward with a TER of 0.30%, no performance fees, and no complex fee structures. The underlying assets are liquid European small cap equities with no complex structured products or contingent bonds. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}