{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management and currency hedging, but not central to investment objective; no embedded derivatives, no significant leverage, no securities lending, no complex index",
    "supporting_data": "The UBS Sustainable Development Bank Bonds UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented bond index. It may use derivatives for efficient portfolio management (EPM) and for currency hedging, but derivatives are not central to its investment objective. The fund does not engage in securities lending, does not use significant leverage beyond UCITS limits, and does not invest in complex or opaque indices. The use of OTC derivatives introduces counterparty risk, but this is mitigated by the fund's collateral policy. The structure, risks, and payoff are straightforward and can be understood by retail investors with basic knowledge. The fund does not embed derivatives or use swaps as a core replication method. The index is composed of multilateral development bank bonds, which are standard fixed income securities, not complex structured products. The fund's risk profile reflects market volatility and credit risk, not structural complexity.",
    "classification": "non-complex"
}