{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR Bloomberg 15+ Year Gilt UCITS ETF",
    "investment_objective": "Track the performance of the UK Government bond (Gilt) market with maturities over 15 years, specifically the Bloomberg Sterling 15+ Year Aggregate Gilts Bond Index.",
    "primary_asset_class": "bond",
    "geographic_focus": "United Kingdom",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund that physically replicates the Bloomberg Sterling 15+ Year Aggregate Gilts Bond Index by holding UK government bonds with maturities over 15 years. The KIID and PRIIPs KID documents confirm the use of physical replication with a near mirror-image of the index. The fund may use derivatives only for efficient portfolio management in exceptional circumstances, which does not constitute inherent derivative exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium to medium-high (risk category 4 in PRIIPs KID, 6 in KIID based on historical volatility), consistent with bond market risk rather than complexity. The fact sheet confirms no use of swaps or complex structured products, and the underlying assets are investment grade UK government bonds, which are liquid and transparent. Costs are straightforward with a low TER of 0.15%, no performance fees, and no complex fee structures. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a straightforward, linear index-tracking strategy with physical holdings of liquid government bonds, minimal derivative use only for risk management, and no leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}