{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI USA Small Cap Value Weighted UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) It uses physical replication (optimised sampling) rather than synthetic replication with swaps; 2) There is no leverage or inverse exposure; 3) The underlying index (MSCI USA Small Cap Value Weighted) consists of liquid, transparent small-cap equities; 4) The fund is UCITS-compliant with a straightforward investment objective; 5) The risk profile (category 7) is clearly disclosed but does not indicate complexity beyond typical equity market risks. The fact sheet confirms the fund holds actual equities and uses derivatives only for efficient portfolio management (not for leverage or complex strategies). The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}