{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Clean Water UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Clean Water UCITS ETF is a UCITS-compliant ETF that aims to track the Solactive Clean Water Index NTR using primarily physical full replication of the underlying securities. The KIID and PRIIPs KID documents confirm that the fund invests directly in the securities represented in the index in similar proportions, with only limited use of financial derivative instruments (FDIs) for portfolio adjustments or risk management, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure risks. The fact sheet explicitly states the replication method as physical - full replication. There is no leverage, inverse or amplified exposure. The risk rating is 5-6 (medium to medium-high), driven mainly by the nature of the underlying companies (small and mid-cap, technology-focused, and sector-specific risks), not by structural complexity of the ETF itself. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no swap or derivative fees disclosed. The index tracked is a transparent equity index composed of publicly traded companies with clear eligibility criteria and annual rebalancing. No complex underlying assets such as contingent convertible bonds or CLOs are held. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for risk management only, physical replication, no leverage, and no complex structured features, leading to a non-complex classification under MiFID II."
}