{
    "fund_name": "SPDR MSCI Europe Small Cap Value Weighted UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication",
        "Small-cap equities",
        "Value-weighted index"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimised sampling, tracks a transparent small-cap equity index, and has no leverage, inverse exposure, or swap-based synthetic replication. The underlying assets are liquid equities, and the fund is UCITS-compliant with a straightforward risk profile (risk category 6). No complex derivatives or structured features are present. The use of derivatives is limited to efficient portfolio management (e.g., securities lending up to 40%), which does not trigger MiFID II complexity. The index methodology (value-weighted small-cap equities) is transparent and does not introduce additional complexity.",
    "confidence": 95
}