{
    "fund_name": "SPDR Bloomberg 0-5 Year Sterling Corporate 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 ETF uses physical replication via stratified sampling to track the Bloomberg 0-5 Year Sterling Corporate Bond Index. It primarily holds fixed-rate, investment-grade corporate bonds with maturities under 5 years. While the KIID mentions the potential use of financial derivative instruments for efficient portfolio management, there is no indication of synthetic replication, leverage, or complex underlying assets. The risk profile is moderate (category 3), and the fund's objective is straightforward index tracking. The absence of leverage, inverse strategies, or significant derivative exposure supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 3,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "capital_protection": false,
    "structured_features": false,
    "underlying_asset_complexity": false,
    "cost_complexity": false,
    "key_risk_disclosures": "The KIID highlights standard risks such as concentration risk, index tracking risk, and liquidity risk, but none of these are unusual or indicative of complexity. The absence of warnings about suitability for retail investors or the need for specialist knowledge further supports the non-complex classification."
}