{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management, but not central to strategy; no synthetic replication, no leverage, no embedded derivatives, no complex indices, no contingent convertible bonds, no securities lending, no capital protection features, no opaque or illiquid underlying assets.",
    "supporting_data": "The UBS SBIu00ae Foreign AAA-BBB 1-5 ESG UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, diversified bond index. It may use derivatives for efficient portfolio management (EPM), such as hedging currency risk or managing inflows/outflows, but derivatives are not central to its investment objective. The fund does not engage in securities lending, does not use leverage beyond UCITS limits, and does not hold complex or illiquid assets like CLOs or structured notes with embedded derivatives. The index is straightforward and the fundu2019s structure, risks, and objectives are clearly disclosed. The use of derivatives is limited and well-managed within UCITS rules, with no indication that these introduce material counterparty risk or complexity that would be difficult for a retail investor to understand. The fundu2019s risk profile reflects market volatility of investment-grade bonds, not structural complexity. All these factors support a non-complex classification under MiFID II, as the productu2019s features do not override the UCITS presumption of non-complexity and meet all Article 57 criteria for non-complex instruments[1].",
    "classification": "non-complex"
}