Until the end of your turn, when you would be able to draw a weapon or shield (if you had such an object to draw), you can instead conjure an object of that form into your hand(s) as if you'd drawn it. You cannot create items of value greater than 50 gp (combined) in one casting. If you conjure a shield, you can choose to have it appear already equipped to you.
Equipment made by this spell is slightly translucent and obviously conjured, and is no sturdier than equipment of low quality, but otherwise functions the same as any nonmagical version for the duration. Though they are conjured by magic, they are not magical. If the spell ends, you cast the spell again, or you do not hold the equipment for an entire round, the conjured equipment instantly vanishes.
When you reach 5th level, this spell's duration increases to 10 minutes. It increases to 1 hour at 11th level, and it increases to 8 hours at 17th level.
* - your turn starts
The trigger time of this spell seems a bit off to me, would it not make sense to be "Reaction, taken in place of drawing a weapon", that gives it a specific way, and also doesn't limit it to precisely the start of your turn.
Rather than calling it low quality, which suggests it being rather shody, maybe "Equipment conjured by this spell has the same attributes of and can be treated as a mundane, nonmagical equivalent".
Aside from that, I absolutely love this! I intend to use this and some ranged-variant blade-trips to make a magic archer character.