{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Global Brands UCITS ETF",
    "investment_objective": "Track the performance of the Solactive Brand Finance Global Brands Index Net Total Return",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global, with ~81% US exposure and diversified across developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates the Solactive Brand Finance Global Brands Index using full physical replication. The KIID and PRIIPs KID confirm that the Fund primarily invests directly in the underlying companies in similar proportions to the index weightings. There is mention of possible use of financial derivative instruments (FDIs) but only for efficient portfolio management or to invest in companies with similar risk and performance characteristics, not as an inherent part of the investment strategy. There is no indication of synthetic replication, swap usage, or leverage. The fact sheet explicitly states 'Physical - full replication' and no leverage or inverse exposure is mentioned. The risk rating is 6 on a 7-point scale, reflecting market risk and equity volatility, but no complexity flags such as capital protection, contingent bonds, or structured features are present. Costs are straightforward with a single ongoing charge of 0.39%, no performance fees, and no swap or derivative fees disclosed. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The index tracked is a standard equity index with ESG and liquidity filters, not a complex or structured index. No references to roll costs, contango, or backwardation effects are present, which are typical complexity indicators in commodity or leveraged ETFs. Overall, the ETF exhibits a clear, linear relationship to the underlying equity index performance with minimal derivative use for risk management only, physical replication, and no leverage or capital protection features, leading to a non-complex classification under MiFID II."
}