{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR FTSE Global Convertible Bond UCITS ETF (Dist) is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication via stratified sampling to track the FTSE Qualified Global Convertible Index, with no mention of synthetic replication or swap agreements. 2) There is no leverage, inverse exposure, or capital protection features. 3) The underlying assets (convertible bonds) are relatively transparent and liquid, with no reference to complex structured products or illiquid securities. 4) The risk profile (category 5) is moderate and clearly disclosed, with no indications of excessive counterparty risk. 5) The fund is UCITS-compliant, which inherently limits complexity. 6) The fact sheet confirms no swap usage and a straightforward replication method. The only potential complexity factor is the convertible bond asset class itself, but this is mitigated by the fund's broad, diversified approach and the absence of other complexity triggers.",
    "confidence": 90
}