{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI USA Value UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI USA Value UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the MSCI USA Value Exposure Select Index. The fund uses a physical replication method, aiming to hold all securities in the index with approximate weightings, as confirmed by the factsheet and KIID. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for efficient portfolio management, which is standard and not inherent to the strategy, thus derivatives are marked false. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (category 5-6), reflecting market volatility and concentration risk in value stocks, but not complexity from structural features. No capital protection or structured features are present. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The underlying assets are US large and mid-cap equities, liquid and transparent, with no complex structured products or contingent bonds. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms replication is physical and no synthetic or swap-based structures are used. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}