{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for risk management, currency hedging, and potential counterparty risk",
    "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 is passively managed and seeks to hold the underlying securities in proportions mirroring the index. The fund may use derivatives, but only for efficient portfolio management (EPM) purposesu2014specifically to reduce risk, manage costs, or generate additional capital or income, and for currency hedging of share classes. The use of derivatives is not central to the investment objective and is limited in scope and impact. The fund does not engage in securities lending, does not use significant leverage, and does not embed complex structured products or swaps. The risks disclosed are primarily market risk and currency risk, with no indication of complex mechanisms such as synthetic replication, embedded options, or contingent convertible bonds. The structure, objective, and risks are straightforward and can be understood by retail investors with basic knowledge. Under MiFID II, UCITS ETFs are generally presumed non-complex unless they employ complex strategies or structures that make the product difficult to understandu2014which is not the case here, as derivative use is ancillary and well-disclosed[1]. The fundu2019s risk profile (category 6) reflects equity market volatility, not structural complexity. Therefore, despite the possibility of limited derivative use for hedging and EPM, the ETF remains non-complex under MiFID II[1]."
}