{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Stratified sampling replication method",
        "Complex global bond index with multiple asset classes"
    ],
    "classification": "non-complex",
    "supporting_data": "The SPDR Bloomberg Global Aggregate Bond UCITS ETF is classified as non-complex under MiFID II despite using derivatives for currency hedging. The fund primarily uses physical replication with stratified sampling, which is a common and transparent approach for large bond indices. While the index includes diverse asset classes (government bonds, corporate bonds, mortgage-backed securities, etc.), the overall structure remains straightforward for investors to understand. The use of derivatives is limited to currency hedging (GBP hedging of the underlying index), which is a standard practice in international bond ETFs and does not introduce significant complexity. The fund's risk profile (category 3) and the absence of leverage, inverse strategies, or capital protection features further support this classification. The fact that it is UCITS-compliant and tracks a well-known Bloomberg index adds to its transparency and suitability for retail investors.",
    "confidence": 90
}