{
    "fund_name": "UBS Nasdaq-100 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS Nasdaq-100 UCITS ETF is a physically replicated ETF that seeks to track the performance of the Nasdaq-100 Notional (Net Total Return) Index. The KIID and factsheet indicate that the fund primarily uses full physical replication, holding the underlying securities of the index in the same proportions. While the KIID mentions that the fund may use derivative instruments for risk reduction, cost reduction, or generating additional capital or income, this usage is described as exceptional and not a core part of the investment strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is categorized as level 5, which is relatively high but not necessarily indicative of complexity under MiFID II. The fund is UCITS-compliant, which generally implies a higher level of investor protection and transparency. The factsheet confirms the physical replication methodology and does not indicate any complex features such as leverage, inverse exposure, or significant derivative usage. The fund's objective is straightforward: to replicate the performance of a well-known, liquid index. The absence of complex structures, leverage, or significant derivative exposure supports the classification as non-complex.",
    "confidence": 95,
    "counter_argument": "Some might argue that the mention of derivative usage in the KIID could suggest complexity. However, the derivatives are explicitly stated to be used for risk reduction, cost reduction, or generating additional income, which are considered non-complex uses under MiFID II. The physical replication method and the straightforward index-tracking objective further support the non-complex classification.",
    "risk_level": 5
}