{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Sustainable Development Bank Bonds UCITS ETF",
    "investment_objective": "Passive replication of the Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped hedged to EUR Total Return Index",
    "primary_asset_class": "Bond",
    "geographic_sector_focus": "Global Multilateral Development Banks bonds, USD denominated, hedged to EUR",
    "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 Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped hedged to EUR Total Return Index using stratified sampling. The KIID and PRIIPs KID confirm that derivatives may be used only for efficiency or where direct replication is impracticable, but this does not constitute synthetic replication or inherent derivative exposure. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not use leverage, inverse or amplified exposure. The risk profile is low (risk category 2-3), consistent with a straightforward bond ETF. The fund invests directly in liquid, investment grade supranational bonds, with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are simple with a low TER (0.18%) and no performance fees or swap fees. The monthly factsheet confirms physical replication and no securities lending. The PRIIPs KID includes a comprehension warning that the product is 'not simple and may be difficult to understand' but this is standard language for bond ETFs and does not reflect complexity under MiFID II. Overall, the fund exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}