{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions - EURO STOXX 50 UCITS ETF is a UCITS-compliant ETF that primarily uses physical full replication of the EURO STOXX 50\u00ae Index, investing directly in the underlying equities. The KIID and PRIIPs KID documents confirm that derivatives may be used only occasionally and primarily for efficiency or where direct replication is impracticable, but this does not constitute synthetic replication or inherent derivative strategy use. There is no mention of funded or unfunded swaps, total return swaps, or significant counterparty risk beyond standard collateral policies. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to equity volatility), but this is typical for equity ETFs and does not indicate complexity under MiFID II. Costs are straightforward with a low TER and no performance fees or swap fees. The monthly factsheet confirms physical full replication and no synthetic or swap-based replication. There are no capital protection or structured features. The PRIIPs KID states the product 'is not simple and may be difficult to understand' but this is a standard regulatory phrase for equity ETFs and does not reflect structural complexity. Overall, the ETF exhibits none of the key complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms, leading to a non-complex classification under MiFID II."
}