{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR Bloomberg Global Aggregate Bond UCITS ETF (Dist) is classified as non-complex under MiFID II. Key factors supporting this determination include: 1) Physical replication via stratified sampling of the Bloomberg Global Aggregate Bond Index, 2) No leverage or inverse exposure, 3) Derivatives are used only for efficient portfolio management (not for leverage or complex strategies), 4) UCITS compliance ensures regulatory oversight and investor protection, 5) The fund invests in liquid, transparent investment-grade bonds with a straightforward risk profile (risk category 4/7). While the fund may use derivatives for hedging or efficient portfolio management, this does not trigger complexity under MiFID II as the usage is transparent and does not materially alter the fund's risk profile. The underlying index and investment strategy are easily understandable for retail investors.",
    "confidence": 95
}