{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Quality Equity Dividends ESG Exclusions UK UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the FTSE All Share ex IT ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. It primarily invests directly in the underlying securities in similar proportions to the index (physical full replication). The KIID and PRIIPs KID confirm that while the fund may use financial derivative instruments (FDIs), these are 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 mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk rating is 6 (on a 1-7 scale), reflecting equity market risk but not complexity from derivatives or leverage. Costs are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees disclosed. The monthly factsheet confirms physical full replication, no use of swaps, and a straightforward equity index strategy focused on UK dividend growth stocks with ESG exclusions. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF exhibits none of the MiFID II complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it should be classified as non-complex."
}