{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G UK Equity UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G UK Equity UCITS ETF is a UCITS-compliant ETF domiciled in Ireland that aims to track the Solactive Core United Kingdom Large & Mid Cap Index NTR. The fund primarily uses physical full replication, investing directly in the underlying securities of the index in similar proportions. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management or to invest in companies with similar risk profiles, these are not used as a core element of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure, and no capital protection or structured features. The risk rating is 6 on a 7-point scale, reflecting market risk of equity investments rather than complexity. Costs are straightforward with a low ongoing charge of 0.05%, no performance fees, and no swap or derivative fees disclosed. The PRIIPs KID and monthly factsheet confirm the physical replication approach and absence of complex derivative structures or leverage. No complexity flags such as contingent convertible bonds, CLOs, or capital guarantees are present. The fund\u2019s risk disclosures mention counterparty risk only in the context of third-party service providers, which is standard and not indicative of synthetic replication. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and uses a straightforward index-tracking approach, leading to a non-complex classification under MiFID II."
}