{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Convertible bonds",
        "Currency hedging"
    ],
    "classification": "non-complex",
    "supporting_data": "The SPDR FTSE Global Convertible Bond UCITS ETF uses physical replication to track the FTSE Qualified Global Convertible Monthly Hedged (GBP) Index. While it uses derivatives for currency hedging, this is standard practice for hedged ETFs and does not introduce significant complexity. The fund invests in convertible bonds, which are inherently more complex than plain vanilla bonds or equities, but this does not automatically make the ETF complex under MiFID II. The fund does not use leverage, inverse strategies, or synthetic replication. The risk profile is rated 5/7, which is moderate, and the fund is UCITS compliant, indicating it meets regulatory standards for retail investors. The use of derivatives is limited to hedging and does not create a materially different risk profile from the underlying assets. The fund's strategy is transparent and easily understandable, with adequate public information available.",
    "confidence": 90
}