{
    "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": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication via stratified sampling to track the Bloomberg Global Aggregate Bond Index (CHF Hedged). It does not employ leverage, inverse strategies, or synthetic replication. Derivatives are only mentioned for currency hedging and efficient portfolio management, not as a core strategy. The risk profile is moderate (category 3), and the underlying assets are primarily investment-grade bonds and government securities, which are transparent and liquid. The KIID and factsheet do not indicate any complex structures, capital protection mechanisms, or significant counterparty risks.",
    "confidence": 95,
    "risk_level": 3,
    "counter_argument": "While the ETF uses derivatives for hedging, this is explicitly for efficient portfolio management (EPM) and currency hedging, which is a permitted use under MiFID II without triggering complexity. The absence of leverage, inverse strategies, or synthetic replication further supports the non-complex classification. The underlying index, though broad, consists of standard fixed-income securities without embedded derivatives or complex payoff structures."
}