{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR Bloomberg Global Aggregate Bond UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the Bloomberg Global Aggregate Bond Index (GBP Hedged) using a stratified sampling physical replication method. The KIID and PRIIPs KID explicitly state that the Fund may use derivatives only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, thus derivatives usage is limited and not a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The Fund does not employ leverage, inverse or amplified exposure. The underlying assets are investment grade bonds including government, corporate, asset-backed and mortgage-backed securities, which are liquid and transparent. The risk profile is moderate to low (risk category 3 in KIID, 2 in PRIIPs KID), consistent with a straightforward bond index tracking fund. Costs are simple with a low TER (0.10%) and no performance fees or swap fees. The monthly factsheet confirms no use of swaps or complex derivatives, and the index tracked is a broad, well-known fixed income benchmark without contingent or structured bond exposure. No capital protection or structured features are present. There are no complexity flags such as capital guarantees, contingent return formulas, or significant counterparty risk disclosures. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for risk management only, physical replication, no leverage, and straightforward underlying assets. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}