{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Complex index with 30,940 constituents",
        "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 for the following reasons: 1) It uses physical replication with stratified sampling, 2) Derivatives are used only for currency hedging (not for leverage or inverse exposure), 3) The fund tracks a broad bond index with investment-grade securities, 4) No leverage or inverse strategies are employed, 5) The fund is UCITS-compliant and has a straightforward investment objective. While the index is complex with 30,940 constituents and includes mortgage-backed securities, the fund's structure and use of derivatives for hedging purposes do not make it complex under MiFID II. The primary risk factors (interest rate risk, credit risk, liquidity risk) are typical for bond funds and easily understandable by retail investors.",
    "confidence": 90
}