{
    "fund_name": "SPDR Bloomberg Global Aggregate Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency Hedging",
        "Stratified Sampling"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication via stratified sampling to track the Bloomberg Global Aggregate Bond Index. While it employs derivatives for currency hedging and efficient portfolio management, these are not used for leverage or complex strategies. The fund primarily holds investment-grade bonds and follows a straightforward index-tracking objective. The risk profile is moderate (category 3), and there are no indications of leverage, inverse exposure, or complex underlying assets. The use of derivatives is limited to hedging and efficient portfolio management, which does not inherently classify the ETF as complex under MiFID II.",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives for hedging could introduce complexity. However, under MiFID II, derivatives used solely for hedging or efficient portfolio management (EPM) do not automatically classify an ETF as complex, provided the overall risk profile remains transparent and understandable to retail investors. The fund's straightforward objective and physical replication method support the non-complex classification.",
    "risk_level": 3
}