{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Tracking a complex global bond index",
        "Investment in mortgage-backed and asset-backed securities"
    ],
    "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 and tracking a complex global bond index. The fund uses physical replication with stratified sampling and does not employ leverage or inverse strategies. While it invests in mortgage-backed and asset-backed securities, these are standard components of global bond indices and do not introduce excessive complexity. The fund's use of derivatives is limited to efficient portfolio management (currency hedging) and does not create a materially different risk profile from its underlying assets. The overall structure remains transparent and suitable for retail investors.",
    "confidence": 90
}