{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS S&P 500 ESG Elite UCITS ETF",
    "investment_objective": "Passive management aiming to track the S&P 500 ESG ELITE Index (Net Return), a broad-based, market-cap-weighted equity index of 500 leading US companies meeting sustainability criteria.",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA (US markets), globally available to investors",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The KIID and PRIIPs KID clearly state the fund is passively managed to track the S&P 500 ESG ELITE Index using physical full replication. The factsheet confirms 'Replication methodology: Physical (Full replicated)'. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only exceptionally for risk reduction or cost management, which does not trigger complexity classification. The fund does not use leverage, inverse or amplified exposure. The risk profile is moderate (risk category 4 in PRIIPs KID, 6 in KIID based on volatility), consistent with equity market exposure. No capital protection or structured features are present. Costs are straightforward with a low TER (0.15%) and no performance fees. The underlying assets are liquid large-cap US equities with no complex bonds or contingent convertible bonds. Counterparty risk is minimal as no swaps or synthetic structures are used. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms no securities lending and no complex derivative usage. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure, physical replication, and no leverage, meeting the criteria for non-complex classification under MiFID II."
}