{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions - Bloomberg TIPS 10+ UCITS ETF (hedged to GBP) A-dis",
    "investment_objective": "Passive tracking of Bloomberg US Government 10+ Year Inflation-Linked Bond\u2122 hedged to GBP Index (Total Return)",
    "primary_asset_class": "Bond (US Treasury Inflation-Protected Securities - TIPS)",
    "geographic_focus": "United States (US Treasury bonds)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF that physically replicates the Bloomberg US Government 10+ Year Inflation-Linked Bond Index hedged to GBP. The fund invests predominantly in US TIPS with full physical replication as confirmed by the factsheet. The KIID and PRIIPs KID documents mention that derivatives may be used only for hedging currency risk or to gain efficiencies where direct replication is impracticable, but this is not an inherent part of the investment strategy and does not constitute synthetic replication or funded/unfunded swaps. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to bond volatility), consistent with a straightforward bond ETF. No capital protection or structured features are present. Counterparty risk is limited to OTC derivatives used for currency hedging, mitigated by collateral policy. Costs are simple with a low TER (0.13%) and no performance fees or swap fees. The underlying assets are liquid US government inflation-linked bonds, not complex structured products or contingent convertible bonds. The fund does not engage in securities lending. 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, and no leverage or complex features, leading to a non-complex classification under MiFID II."
}