{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "This UCITS ETF is physically replicated, tracking a transparent equity index (MSCI USA ESG Enhanced Focus CTB Index) by holding the underlying securities in similar proportions. The use of derivatives is limited to currency hedging (FX forwards) to reduce exchange rate risk between the fund's base currency (USD) and the share class currency (GBP), which is a standard efficient portfolio management (EPM) technique under UCITS rules and does not introduce material complexity or counterparty risk to the fund's core strategy. There is no evidence of synthetic replication, embedded derivatives, leverage beyond UCITS limits, or other complex features such as contingent convertible bonds, swaps, or complex indices. The fund's structure, risks, and objectives are straightforward and disclosed in a manner accessible to retail investors. Securities lending is conducted within UCITS limits and does not dominate the risk profile. The fund is suitable for retail investors with basic knowledge, as its risks are primarily market-related (equity volatility, currency risk from hedging, and tracking error), not structural or derivative-driven. Therefore, it meets all criteria for non-complex classification under MiFID II Article 25(4)(a)(iv) and does not trigger any of the complexity factors outlined in Article 57 of Delegated Regulation (EU) 2017/565[1][2]."
}