{"id":10231,"date":"2026-08-14T08:56:36","date_gmt":"2026-08-14T07:56:36","guid":{"rendered":"https:\/\/boersenpost.com\/2026\/08\/14\/small-caps-vs-micro-caps-difference-risk\/"},"modified":"2026-08-14T09:41:00","modified_gmt":"2026-08-14T08:41:00","slug":"small-caps-vs-micro-caps-difference-risk","status":"publish","type":"post","link":"https:\/\/boersenpost.com\/en\/2026\/08\/14\/small-caps-vs-micro-caps-difference-risk\/","title":{"rendered":"Small-Caps vs. Micro-Caps: Difference &#038; Risk Explained"},"content":{"rendered":"<div class=\"bpw\">\n<style>\/* ocultar la franja de meta del tema (flechas, fecha, tags, categories) *\/ .single .post-nav.minimal,.single .date_label,.single .mata-tags,.single .meta-categories,.single .post-categories,.single .single-post-meta{display:none !important} .single .post-header .added,.single .post-nav,.single .author-date,.single .entry-date,.single .post-header .date{display:none !important} .bpw{max-width:768px;margin:0 auto;color:#2b3240;font-size:1.08rem;line-height:1.78;font-family:'Helvetica Neue',-apple-system,Segoe UI,Arial,sans-serif} .bpw *{box-sizing:border-box} .bpw-catbar{margin:0 0 1.4rem} .bpw-cat{display:inline-block;background:#6d4fce;color:#ffffff;font-weight:800;font-size:.78rem; 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NO tocamos display\/order\/estructura *\/ .bpw-nl .wpcf7{margin:0} .bpw-nl .wpcf7 p{margin:0 0 .9rem !important} .bpw-nl .wpcf7-email,.bpw-nl input.wpcf7-text{width:100% !important;max-width:430px;border:1px solid #c7d3e8 !important; background:#fff !important;color:#14203a !important;border-radius:10px !important;padding:.85rem 1rem !important;font-size:1rem !important;box-shadow:none !important} .bpw-nl .wpcf7-email::placeholder{color:#8a93a6} .bpw-nl input.wpcf7-submit{background:#6d4fce !important;color:#ffffff !important;font-weight:800 !important;border:0 !important; border-radius:10px !important;padding:.85rem 1.6rem !important;font-size:1rem !important;cursor:pointer} .bpw-nl .wpcf7-submit[disabled]{opacity:.6;cursor:not-allowed} .bpw-nl .wpcf7-acceptance{font-size:.9rem !important;color:#5a6478 !important} .bpw-nl .wpcf7 a{color:#6d4fce;text-decoration:underline} .bpw-nl .wpcf7-not-valid-tip{color:#c0392b !important} \/* --- layout robusto del formulario: consent LEGIBLE y encima del bot\u00f3n --- *\/ .bpw-nl .wpcf7 br{display:none !important} .bpw-nl .wpcf7-spinner{display:none !important} .bpw-nl .wpcf7 form>p{margin:0 0 .85rem !important} \/* fila email a ancho completo *\/ .bpw-nl .wpcf7 form>p:first-of-type, .bpw-nl .wpcf7 form>p:first-of-type label, .bpw-nl .wpcf7 form>p:first-of-type .wpcf7-form-control-wrap{display:block;width:100% !important} \/* fila consent + bot\u00f3n: checkbox y texto en una l\u00ednea, bot\u00f3n debajo a ancho completo *\/ .bpw-nl .wpcf7 form>p:last-of-type{display:flex !important;flex-wrap:wrap;align-items:center;gap:.5rem .55rem;margin-top:.1rem !important} .bpw-nl .wpcf7-form-control-wrap[data-name^='acceptance']{order:1;flex:0 0 auto;width:auto !important;margin:0 !important;padding:0 !important} .bpw-nl .wpcf7-list-item{margin:0 !important} \/* el enlace de privacidad lo pinta el tema en blanco y desbordado -> lo forzamos legible y contenido *\/ .bpw-nl a.subscribe_privacy{order:2;position:static !important;display:inline !important;flex:1 1 210px; color:#46506a !important;font-size:.85rem !important;line-height:1.45 !important;font-weight:400 !important; width:auto !important;max-width:none !important;margin:0 !important;padding:0 !important; text-align:left !important;white-space:normal !important;text-decoration:underline;text-indent:0 !important} .bpw-nl input.wpcf7-submit{order:3;flex:0 0 100% !important;margin:.35rem 0 0 !important} .bpw-nl-note{display:block;margin-top:.5rem;color:#8a93a6;font-size:.82rem} @media(max-width:600px){.bpw h2{font-size:1.4rem !important}.bpw .bpw-lead{font-size:1.15rem !important}.bpw-nl h3{font-size:1.25rem !important}}<\/style>\n<div class=\"bpw-catbar\"><span class=\"bpw-cat\">Financial Education<\/span><\/div>\n<p class=\"bpw-lead\"><strong>Small-caps vs. micro-caps<\/strong> \u2014 these two terms come up for anyone interested in commodity stocks and junior miners. But what exactly sets the two categories apart? The answer is simpler than you might think: it comes down to <strong>market capitalization<\/strong> \u2014 the total value of all a company&#8217;s outstanding shares. And that single difference has far-reaching consequences for liquidity, volatility, and the risk you carry as an investor. This article explains the differences clearly and plainly \u2014 no jargon required.<\/p>\n<div class=\"bpw-key\">\n<h3>\ud83d\udca1 Key takeaways<\/h3>\n<ul>\n<li>Small-caps typically have a market capitalization between $300 million and $2 billion; micro-caps fall below that range \u2014 usually between $50 million and $300 million.<\/li>\n<li>The smaller the market cap, the lower the liquidity generally is, and the greater the risk of sharp price swings.<\/li>\n<li>Micro-caps offer potentially higher returns but come with a significantly elevated risk of total loss \u2014 especially in the mining sector.<\/li>\n<li>For beginners, understanding these categories is essential for managing position sizes and portfolio weightings sensibly.<\/li>\n<li>Neither small-caps nor micro-caps are inherently better \u2014 the right category depends on your own risk profile.<\/li>\n<\/ul>\n<\/div>\n<section>\n<h2>What Is Market Capitalization? (The Foundation You Need)<\/h2>\n<p>The <strong>market capitalization<\/strong> (or market cap) is calculated in a straightforward way:<\/p>\n<p><strong>Market Capitalization = Share Price \u00d7 Number of Outstanding Shares<\/strong><\/p>\n<p>Using this number, analysts and indexes sort companies into size categories. The most common breakdown looks like this:<\/p>\n<div class=\"bpw-tablewrap\">\n<table>\n<thead>\n<tr>\n<th>Category<\/th>\n<th>Market Capitalization (USD)<\/th>\n<th>Typical Characteristics<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Mega-Cap<\/td>\n<td>&gt; $200 billion<\/td>\n<td>Apple, Microsoft \u2014 global giants<\/td>\n<\/tr>\n<tr>\n<td>Large-Cap<\/td>\n<td>$10 billion \u2013 $200 billion<\/td>\n<td>Blue-chip companies, S&amp;P 500 members<\/td>\n<\/tr>\n<tr>\n<td>Mid-Cap<\/td>\n<td>$2 billion \u2013 $10 billion<\/td>\n<td>Established growth companies<\/td>\n<\/tr>\n<tr>\n<td><strong>Small-Cap<\/strong><\/td>\n<td><strong>$300 million \u2013 $2 billion<\/strong><\/td>\n<td>More mature junior companies, possible early revenues<\/td>\n<\/tr>\n<tr>\n<td><strong>Micro-Cap<\/strong><\/td>\n<td><strong>$50 million \u2013 $300 million<\/strong><\/td>\n<td>Early exploration stage, often no revenue yet<\/td>\n<\/tr>\n<tr>\n<td>Nano-Cap<\/td>\n<td>&lt; $50 million<\/td>\n<td>Highly speculative start-ups, extremely illiquid<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><em>Note: These boundaries are not universally standardized. The figures above reflect the convention commonly used in the commodities industry and by US-based indexes.<\/em><\/p>\n<\/section>\n<section>\n<h2>Small-Caps vs. Micro-Caps: The Key Differences in Detail<\/h2>\n<h3>1. Liquidity: How Easily Can You Get In and Out?<\/h3>\n<p>Liquidity describes how quickly you can buy or sell a stock without noticeably moving the price yourself. Small-caps are generally <strong>considerably more liquid than micro-caps<\/strong>. A small-cap commodity company might trade shares worth $500,000 to several million dollars per day. Many micro-caps, by contrast, often see only $20,000 to $100,000 in daily trading volume. The result: anyone trying to build or unwind a larger position in an illiquid micro-cap ends up moving the price themselves \u2014 a phenomenon known as <strong>market impact<\/strong>.<\/p>\n<h3>2. Information Transparency: How Much Do You Actually Know?<\/h3>\n<p>The smaller the company, the fewer professional analysts follow it. Larger small-caps may still have one or two research coverage reports from specialized firms. Many micro-caps, however, operate in an <strong>information vacuum<\/strong>: independent analysis is scarce, quarterly presentations can be sparse, and corporate communications often consist of little more than press releases and social media posts. This raises the risk of being misled by one-sided information.<\/p>\n<h3>3. Company Maturity: Where Does the Company Stand?<\/h3>\n<p>In the commodities sector, company size correlates strongly with <strong>project maturity<\/strong>:<\/p>\n<ul>\n<li><strong>Small-caps<\/strong> have often already completed a resource estimate (e.g., NI 43-101), preliminary feasibility studies, or even early production revenue.<\/li>\n<li><strong>Micro-caps<\/strong> are frequently still in the early <strong>exploration phase<\/strong> \u2014 meaning drilling is underway, but whether economically viable quantities actually exist remains uncertain.<\/li>\n<\/ul>\n<h3>4. Financing Risk: Will the Next Round of Capital Come Through?<\/h3>\n<p>Exploration projects burn through cash. Micro-caps must regularly refinance through <strong>private placements<\/strong> or share issuances. Each new round of shares dilutes existing shareholders. Small-caps typically have access to a broader range of financing sources \u2014 including bank loans or streaming deals \u2014 which reduces their dependence on pure equity raises.<\/p>\n<h3>5. Price Swings: What Is Possible \u2014 in Both Directions?<\/h3>\n<p>Micro-caps can surge 100\u2013300% within days on positive drill results. Exactly the same applies on the downside: a disappointing drill hole or the departure of a key geologist can send the stock crashing 50\u201380%. Small-caps are more volatile than large-caps, but they rarely see these extreme single-day moves.<\/p>\n<\/section>\n<section>\n<figure class=\"bpw-fig\"><img decoding=\"async\" src=\"https:\/\/boersenpost.com\/wp-content\/uploads\/2026\/08\/small-caps-vs-micro-caps-unterschied-risiko-illu.webp\" alt=\"Two stacks of coins of different heights on a desk, symbolizing the size difference between small-caps and micro-caps\" loading=\"lazy\"\/><figcaption>Two stacks of coins of different heights on a desk, symbolizing the size difference between small-caps and micro-caps<\/figcaption><\/figure>\n<h2>Why Small-Caps vs. Micro-Caps Matters Especially for Junior Miner Investors<\/h2>\n<p>In the universe of commodity stocks and junior miners, small- and micro-caps are the dominant categories. The sector is structurally different from the broader stock market:<\/p>\n<ul>\n<li><strong>Commodity price sensitivity:<\/strong> Both categories react sharply to moves in gold, silver, copper, or lithium \u2014 micro-caps often even more so, because their projected cash flows depend far more heavily on a single commodity price.<\/li>\n<li><strong>Geopolitical risk:<\/strong> Exploration projects in politically unstable countries appear more frequently among micro-caps, since land acquisition costs are lower there.<\/li>\n<li><strong>Management quality:<\/strong> At smaller companies, a great deal hinges on the leadership team. Experienced management is an even stronger differentiating factor at micro-caps than at small-caps.<\/li>\n<\/ul>\n<\/section>\n<section>\n<h2>Key Points: Small-Caps vs. Micro-Caps at a Glance<\/h2>\n<ul>\n<li>Small-caps: market cap roughly $300 million \u2013 $2 billion; higher liquidity; more mature projects; broader analyst coverage.<\/li>\n<li>Micro-caps: market cap roughly $50 million \u2013 $300 million; lower liquidity; early-stage exploration; higher risk of total loss, but also higher upside potential.<\/li>\n<li>Both categories are best suited as a <strong>satellite allocation<\/strong> within a diversified portfolio \u2014 not as core positions for beginners.<\/li>\n<li>Position size should be adjusted to the category: smaller positions in micro-caps, since the risk of a total loss is more realistic.<\/li>\n<li>Check liquidity before you buy: look at the average daily trading volume \u2014 ideally, your planned position should not exceed 5\u201310% of the average daily volume.<\/li>\n<\/ul>\n<\/section>\n<section>\n<h2>Conclusion: The Right Category for Your Risk Profile<\/h2>\n<p>Small-caps and micro-caps are not interchangeable terms. Understanding the difference allows you to make more informed decisions about how much capital to allocate to each category, how large individual positions should be, and what kind of research is necessary before you buy. In the world of junior miners and commodity stocks, this knowledge is especially valuable \u2014 because the consequences of a misjudgment here can be significant.<\/p>\n<p>Always keep this in mind: the smaller the company, the more due diligence is required \u2014 not less.<\/p>\n<\/section>\n<hr>\n<p><em><strong>Not investment advice \u2014 for educational purposes only.<\/strong> This article is intended solely for general financial education and does not constitute a recommendation to buy or sell any securities. Investments in small-caps and micro-caps involve substantial risks, including the total loss of invested capital. For specific investment decisions, consult a licensed financial advisor.<\/em><\/p>\n<div class=\"bpw-faqwrap\">\n<h2>Frequently asked questions<\/h2>\n<div class=\"bpw-faq\">\n<p class=\"q\">What is the difference between small-caps and micro-caps?<\/p>\n<p class=\"a\">Small-caps have a market cap of roughly $300 million\u2013$2 billion; micro-caps range from $50 million\u2013$300 million. Micro-caps are riskier, less liquid, and are often at earlier stages of development.<\/p>\n<\/div>\n<div class=\"bpw-faq\">\n<p class=\"q\">Are micro-caps riskier than small-caps?<\/p>\n<p class=\"a\">Yes. Micro-caps are less liquid, less well-covered by analysts, and frequently dependent on external financing rounds. The risk of a total loss is real and higher than with small-caps.<\/p>\n<\/div>\n<div class=\"bpw-faq\">\n<p class=\"q\">Can micro-caps deliver higher returns than small-caps?<\/p>\n<p class=\"a\">Yes. The higher risk comes with higher upside potential. Positive drill results can send micro-cap stocks up 100\u2013300% in a short period of time.<\/p>\n<\/div>\n<div class=\"bpw-faq\">\n<p class=\"q\">What market cap qualifies as a small-cap?<\/p>\n<p class=\"a\">Internationally (US\/Canada), roughly $300 million\u2013$2 billion is considered small-cap. In Germany the threshold is often a bit lower, starting at around \u20ac100 million and up.<\/p>\n<\/div>\n<div class=\"bpw-faq\">\n<p class=\"q\">How do I check the liquidity of a micro-cap stock?<\/p>\n<p class=\"a\">Look up the average daily volume (ADV) on financial portals such as Yahoo Finance or your broker&#8217;s platform. Ideally, your planned position should not exceed 5\u201310% of the ADV.<\/p>\n<\/div>\n<\/div>\n<div class=\"bpw-tags\"><span class=\"lbl\">Topics:<\/span><span class=\"tag\">Small Caps<\/span><span class=\"tag\">Micro Caps<\/span><span class=\"tag\">Market Capitalization<\/span><span class=\"tag\">Junior Miners<\/span><span class=\"tag\">Risk Management<\/span><span class=\"tag\">Stock Market Beginners<\/span><span class=\"tag\">Commodity Stocks<\/span><\/div>\n<div class=\"bpw-disc\">Not investment advice \u2014 for educational purposes only.<\/div>\n<div class=\"bpw-nl\">\n<div class=\"bpw-nl-in\">\n<h3>\ud83d\udce9 Become a confident investor<\/h3>\n<p>Learn how to invest, understand what makes this market special and spot opportunities \u2013 compact and easy to follow, straight to your inbox. Free stock-market knowledge newsletter.<\/p>\n<p>\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f1997-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"1997\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/?rest_route=%2Fwp%2Fv2%2Fposts%2F10231#wpcf7-f1997-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<div style=\"display: none;\">\n<input type=\"hidden\" name=\"_wpcf7\" value=\"1997\" \/>\n<input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.0.3\" \/>\n<input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/>\n<input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f1997-o1\" \/>\n<input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/>\n<input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/>\n<input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/div>\n<p><label onclick=\"window.location.href='#form\"><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" id=\"input_subscribe\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"E-mail\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span> <\/label>\n<\/p>\n<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner\" id=\"subscribe\" type=\"submit\" value=\"Subscribe\" \/><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"acceptance-688\"><span class=\"wpcf7-form-control wpcf7-acceptance\"><span class=\"wpcf7-list-item\"><input type=\"checkbox\" name=\"acceptance-688\" value=\"1\" aria-invalid=\"false\" \/><\/span><\/span><\/span><a class=\"subscribe_privacy\" target=\"_blank\" href=\"\/privacy-policy\" data-stylerecorder=\"true\" style=\"text-align: left; line-height: 25px; letter-spacing: 0px; font-weight: 400;\">I accept your Conditions and Privacy Policy<\/a>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<span class=\"bpw-nl-note\">Free &#038; unsubscribe anytime. No spam.<\/span><\/div>\n<\/div>\n<\/div>\n<p><script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"What is the difference between small-caps and micro-caps?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Small-caps have a market cap of roughly $300 million\u2013$2 billion; micro-caps range from $50 million\u2013$300 million. Micro-caps are riskier, less liquid, and are often at earlier stages of development.\"}}, {\"@type\": \"Question\", \"name\": \"Are micro-caps riskier than small-caps?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes. Micro-caps are less liquid, less well-covered by analysts, and frequently dependent on external financing rounds. The risk of a total loss is real and higher than with small-caps.\"}}, {\"@type\": \"Question\", \"name\": \"Can micro-caps deliver higher returns than small-caps?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes. The higher risk comes with higher upside potential. Positive drill results can send micro-cap stocks up 100\u2013300% in a short period of time.\"}}, {\"@type\": \"Question\", \"name\": \"What market cap qualifies as a small-cap?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Internationally (US\/Canada), roughly $300 million\u2013$2 billion is considered small-cap. In Germany the threshold is often a bit lower, starting at around \u20ac100 million and up.\"}}, {\"@type\": \"Question\", \"name\": \"How do I check the liquidity of a micro-cap stock?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Look up the average daily volume (ADV) on financial portals such as Yahoo Finance or your broker's platform. Ideally, your planned position should not exceed 5\u201310% of the ADV.\"}}]}<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Education Small-caps vs. micro-caps \u2014 these two terms come up for anyone interested in commodity stocks and junior miners. But what exactly sets the two<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":5,"featured_media":10179,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rank_math_title":"Small-Caps vs. Micro-Caps: Difference & Risk Explained","rank_math_description":"Small-Caps vs. Micro-Caps: What's the difference? Market cap, risk & opportunities for beginners explained simply. Read now!","rank_math_focus_keyword":"Small-Caps vs Micro-Caps","footnotes":""},"categories":[2025],"tags":[],"sector":[],"exchange":[],"country":[],"commodity":[],"news_section":[],"class_list":["post-10231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-basics"],"acf":[],"_links":{"self":[{"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/posts\/10231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fcomments&post=10231"}],"version-history":[{"count":1,"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/posts\/10231\/revisions"}],"predecessor-version":[{"id":10237,"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/posts\/10231\/revisions\/10237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=\/wp\/v2\/media\/10179"}],"wp:attachment":[{"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fcategories&post=10231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Ftags&post=10231"},{"taxonomy":"sector","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fsector&post=10231"},{"taxonomy":"exchange","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fexchange&post=10231"},{"taxonomy":"country","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fcountry&post=10231"},{"taxonomy":"commodity","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fcommodity&post=10231"},{"taxonomy":"news_section","embeddable":true,"href":"https:\/\/boersenpost.com\/?rest_route=%2Fwp%2Fv2%2Fnews_section&post=10231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}