{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS S&P 500 ESG Elite UCITS ETF",
    "investment_objective": "Passive tracking of the S&P 500 ESG ELITE Index hedged to GBP (Net Return)",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA (US equities)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF physically replicating the S&P 500 ESG Elite Index with full replication methodology as confirmed by the factsheet. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk reduction, cost reduction, or generating additional capital/income, but this is incidental and not an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID based on volatility) but this is consistent with equity market exposure, not complexity. The fund does not engage in securities lending, has a low ongoing charge (0.18%), no performance fees, and no complex fee structures. The underlying assets are large-cap US equities selected for ESG criteria, with no complex bonds, contingent convertibles, or structured products. The PRIIPs KID states the product 'is not simple and may be difficult to understand' but this is a standard caution for ETFs tracking ESG indices and does not reflect synthetic or leveraged complexity. No capital protection or structured features are present. The factsheet confirms physical full replication and no use of swaps. The fund uses currency hedging via forward contracts, but this is a standard risk management tool and does not trigger complexity classification under MiFID II. Overall, the fund exhibits a straightforward, transparent, physical replication strategy with minimal derivative use for hedging, no leverage, and no complex underlying assets, leading to a non-complex classification."
}