{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR FTSE Global Convertible Bond UCITS ETF",
    "investment_objective": "Track the performance of the FTSE Qualified Global Convertible Index, representing the global convertible bond market.",
    "primary_asset_class": "Convertible Bonds (Hybrid equity/debt instruments)",
    "geographic_focus": "Global",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Convertible Bonds",
    "classification": "complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that tracks the FTSE Qualified Global Convertible Index using a stratified sampling physical replication method. There is no indication of synthetic replication or use of swap agreements or total return swaps. The Fund may use 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 or inverse exposure. The Fund invests primarily in convertible bonds, which are hybrid instruments combining equity and debt features, often with embedded options and complex risk profiles. The underlying assets include investment grade and non-investment grade convertible bonds, some of which may be illiquid or hard to value. The risk profile is medium (risk category 5 in KIID), reflecting the complexity and volatility of convertible bonds. The PRIIPs KID confirms a medium-low risk rating (3/7) but notes the product is intended for investors prepared to accept medium-high risk of loss. No capital protection or structured features are present. Costs are straightforward with a TER of 0.50%, no performance fees, and no swap or derivative fees. The fact sheet confirms physical stratified sampling replication, no synthetic or swap usage, and no leverage. The complexity arises mainly from the nature of the underlying assets (convertible bonds with embedded options and hybrid characteristics), which are inherently more complex than plain equity or bond ETFs. This complexity aligns with MiFID II guidance that convertible bond ETFs are complex due to the hybrid and option-embedded nature of the underlying securities, even if the ETF itself does not use leverage or synthetic replication. Therefore, despite no leverage or synthetic replication, the ETF is classified as complex under MiFID II due to the underlying asset complexity.",
    "risk_level_assessment": "The Fund's stated risk category is 5 (medium risk) in the KIID, reflecting the volatility and complexity of convertible bonds. The PRIIPs KID risk indicator is 3/7 (medium-low), but the product is intended for investors accepting medium-high risk of loss. This risk profile is consistent with the complexity classification driven by the underlying asset class rather than leverage or derivatives."
}