{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Irl) ETF plc - MSCI World UCITS ETF (hedged to GBP) is a UCITS-compliant ETF that physically replicates the MSCI World Index (Net Return) by holding all or substantially all of the underlying shares in the same proportions as the index. The fund uses physical full replication, as confirmed by the factsheet. While the KIID and PRIIPs KID mention that derivatives may be used in exceptional circumstances for risk reduction, cost reduction, or income generation, this use is ancillary and not an inherent part of the investment strategy, so derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund is not leveraged, does not have inverse or amplified exposure, and does not invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7) in the PRIIPs KID and 6 in the KIID, reflecting equity market volatility rather than structural complexity. Costs are straightforward with a low TER (0.13%) and no performance fees or swap fees. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The fund\u2019s strategy is transparent, linear, and straightforward, tracking a broad, liquid equity index with physical holdings. Therefore, under MiFID II, this ETF is classified as non-complex."
}