{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Derivative use for efficient portfolio management and currency hedging, but not central to strategy; no synthetic replication, no embedded derivatives, no significant leverage, no securities lending, no complex index",
    "classification": "non-complex",
    "supporting_data": "The UBS Global Gender Equality UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent equity index. It may use derivatives for efficient portfolio management (EPM) and currency hedging, but these are not central to its investment objectiveu2014the fund primarily holds the underlying equities in the same proportions as the index. There is no securities lending, no significant leverage beyond UCITS limits, and no synthetic replication. The index is straightforward and well-documented. While the fund may use derivatives, this use is limited to risk reduction and cost efficiency, not to achieve the fund's core objective, and does not introduce material counterparty or collateral risk that would make the product difficult for a retail investor to understand. The fund's structure, risks, and objectives are transparent and typical of standard equity UCITS ETFs, which are generally presumed non-complex under MiFID II unless specific complex features are present[1][2]. No features were identified that would override the UCITS presumption of non-complexity under Article 25(4)(a)(iv) of MiFID II and Article 57 of the Delegated Regulation."
}