{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for hedging",
        "Currency hedging via forwards"
    ],
    "classification": "non-complex",
    "supporting_data": "The UBS Sustainable Development Bank Bonds UCITS ETF is classified as non-complex under MiFID II. While it uses derivatives (specifically currency forwards for hedging), this usage is for efficient portfolio management and does not create significant additional risk or complexity. The fund employs physical replication with stratified sampling, which is a straightforward method. The underlying assets are investment-grade bonds from multilateral development banks, which are relatively low-risk and transparent. The fund's risk profile (category 3) aligns with its stated strategy, and there are no signs of leverage, inverse exposure, or complex structured features. The use of derivatives is limited to hedging currency risk, which is a common practice in ETFs and does not make the fund inherently complex. The fund is UCITS-compliant, further supporting its suitability for retail investors.",
    "confidence": 90
}