{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR FTSE Global Convertible Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Convertible Bonds, Stratified Sampling, Currency Hedging",
    "classification": "complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF tracking the FTSE Qualified Global Convertible Monthly Hedged (GBP) Index, investing primarily in global convertible bonds including mandatory and perpetual convertible bonds. The replication method is stratified sampling (a form of physical replication), with no indication of synthetic replication or use of swap agreements. The Fund uses derivatives only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The Fund invests in complex underlying assets\u2014convertible bonds\u2014which combine equity and debt features and have embedded optionality, making them inherently complex. The risk profile is medium to medium-high (risk category 5 in KIID, 3 in PRIIPs KID), reflecting the complexity and risk of convertible bonds, including liquidity and credit risks. No capital protection or structured features are present. Costs are straightforward with a TER of 0.55%, no performance fees, and no swap fees. The PRIIPs KID does not carry a comprehension warning but notes medium-low risk, consistent with the KIID. The complexity arises primarily from the nature of the underlying assets (convertible bonds) and the stratified sampling approach to replicate a complex index, which may cause tracking error and require specific investment knowledge. There is no synthetic replication or funded/unfunded swap usage, and no leverage or inverse exposure. Therefore, under MiFID II, the Fund is classified as complex due to the complexity of the underlying convertible bonds and the nature of the index tracked, despite the absence of synthetic replication or leverage."
}