{
    "fund_name": "UBS (Irl) ETF plc - S&P 500 Climate Transition ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is physically replicated, tracking the S&P 500 Climate Transition Base ESG Index (Net Return) with at least 90% of its assets in index constituents. While derivatives may be used for risk reduction, cost efficiency, or income generation, this is explicitly stated as not multiplying gains or losses materially, aligning with standard Efficient Portfolio Management (EPM) practices. The risk profile (category 6) reflects market volatility rather than structural complexity. The absence of leverage, inverse strategies, or synthetic replication supports a non-complex classification. The ESG overlay does not introduce complexity beyond standard equity ETF structures.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "benchmark_complexity": "The S&P 500 Climate Transition Base ESG Index is a modified version of a well-established benchmark, applying ESG filters but maintaining transparency and liquidity.",
    "additional_notes": "The ETF's use of derivatives is limited to risk management and does not alter its fundamental market exposure. The UCITS compliance and physical replication further reinforce its non-complex status under MiFID II."
}