{
    "fund_name": "SPDR Bloomberg Global Aggregate Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication via stratified sampling to track the Bloomberg Global Aggregate Bond Index. While it mentions the use of financial derivative instruments for efficient portfolio management and currency hedging, this is explicitly stated to be for managing the portfolio rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is moderate (category 3), and the underlying assets are primarily investment-grade bonds, which are generally considered transparent and liquid. The KIID does not indicate any complex structures, capital protection mechanisms, or significant counterparty risks that would classify it as complex under MiFID II.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives for hedging could introduce complexity. However, the derivatives are used for efficient portfolio management and currency hedging, which are standard practices in bond ETFs and do not materially alter the risk profile or require specialist knowledge to understand. The fund's risk profile and underlying assets remain straightforward and transparent.",
    "risk_level": 3
}