{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI USA Small Cap Value Weighted UCITS ETF",
    "investment_objective": "Track the performance of US small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics.",
    "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 MSCI USA Small Cap Value Weighted Index using an optimisation strategy to build a representative portfolio of US small cap equities. The KIID and PRIIPs KID documents confirm the Fund primarily invests directly in underlying securities with no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for efficient portfolio management, which does not trigger complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk rating is 5 out of 7, indicating medium-high market risk typical for equity small cap exposure but not complexity. The factsheet confirms physical replication (optimised), no use of swaps or synthetic structures, and no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap fees. No complexity flags such as counterparty risk or structured features are present. Therefore, the Fund is classified as non-complex under MiFID II."
}