{
    "fund_name": "SPDR Bloomberg U.S. Treasury Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR Bloomberg U.S. Treasury Bond UCITS ETF is classified as non-complex under MiFID II regulations based on the following analysis: The fund uses physical replication (stratified sampling) to track the Bloomberg U.S. Treasury Bond Index, investing directly in U.S. government bonds. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, this appears to be for operational purposes rather than as a core strategy component. The fund has a straightforward investment objective of tracking U.S. Treasury bonds, with no evidence of leverage, inverse strategies, or complex underlying assets. The risk profile is rated at level 4, which is moderate and appropriate for the asset class. The fund's performance closely tracks its benchmark with minimal tracking error (0.04% annualized). The fact sheet confirms the physical replication method and shows holdings consisting entirely of straightforward U.S. Treasury securities. There are no indications of capital protection mechanisms, structured features, or significant counterparty risks that would suggest complexity. The fund's compliance with UCITS regulations and its transparent, liquid nature further support the non-complex classification.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": false,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "underlying_assets": "U.S. Treasury bonds",
    "benchmark_complexity": "low",
    "tracking_error": "0.04%",
    "cost_structure": "simple",
    "fee_structure": "TER 0.15%",
    "performance_fee": false
}