{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Multi-asset index tracking",
        "Fixed income and equity exposure",
        "Global infrastructure focus"
    ],
    "classification": "non-complex",
    "supporting_data": "The SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF is classified as non-complex under MiFID II. The fund uses physical replication (stratified sampling) to track the Morningstar Global Multi-Asset Infrastructure Index, which includes both equity and fixed income securities. While the index is multi-asset, the replication method is straightforward, and the fund does not use derivatives for leverage or inverse exposure. The fund's risk profile (category 5) is medium and aligns with its global infrastructure focus. The KIID and PRIIPs KID do not contain any 'comprehension warnings' or indications of complex structures. The fund's use of derivatives is limited to efficient portfolio management (e.g., securities lending, which is capped at 70% of NAV), and there are no references to swaps, unfunded swaps, or synthetic replication. The underlying assets (equities and bonds) are liquid and transparent, and the fund's costs are simple (0.40% TER). The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 90
}