{
    "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 Value UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) It uses physical replication to track the MSCI USA Value Exposure Select Index, with no mention of synthetic replication or swap agreements. 2) There is no leverage or inverse exposure (no terms like '2x', 'inverse', or 'gearing'). 3) The underlying assets are straightforward US equities with value characteristics, and the index methodology is transparent. 4) The fund is UCITS-compliant, which inherently limits complexity. 5) The risk profile (category 6) reflects market volatility rather than structural complexity. 6) The fact sheet confirms physical replication and no derivative usage beyond standard portfolio management. The only potential complexity factor would be the index's value-screening methodology, but this does not meet MiFID II's complexity thresholds. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}