{
    "fund_name": "SPDR FTSE Global Convertible Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Convertible bonds (complex underlying assets)",
        "Currency hedging using derivatives",
        "Potential for imperfect hedging losses",
        "Complex index methodology (FTSE Qualified Global Convertible Index)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling to track the FTSE Qualified Global Convertible Index. While it uses derivatives for currency hedging (selling forwards), this is standard practice for hedged ETFs and doesn't create leverage or inverse exposure. The underlying convertible bonds are complex instruments, but the ETF's straightforward replication method and UCITS compliance suggest it's suitable for retail investors. The risk profile (category 5) is medium and clearly disclosed. The main complexity factors are the convertible bond holdings and hedging strategy, but these don't meet MiFID II's threshold for complexity classification.",
    "confidence": 85
}