{
    "fund_name": "SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for efficient portfolio management",
        "Multi-asset exposure (equity and fixed income)",
        "Sampling and optimization strategies"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with a sampling strategy for fixed income and optimization for equities, which is a common and non-complex approach. While derivatives are mentioned for efficient portfolio management, they are not used for leverage or complex strategies. The risk profile (category 5) is moderate, and there are no indications of synthetic replication, leverage, or capital protection mechanisms. The fund's objective is straightforward index tracking, and the underlying assets are liquid and transparent (global infrastructure-related equities and bonds).",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives could introduce complexity. However, the KIID explicitly states that derivatives are used for efficient portfolio management, not for leverage or speculative purposes. Additionally, the fund's risk disclosures are standard for a multi-asset ETF, and the absence of leverage or synthetic replication supports the non-complex classification.",
    "risk_level": "moderate"
}