{
    "fund_name": "UBS (Irl) ETF plc - Global Gender Equality 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 ETF uses physical replication to track the Solactive Equileap Global Gender Equality 100 Leaders Net Total Return Index. While the KIID mentions that derivatives may be used for risk reduction, cost reduction, or generating additional capital or income, there is no indication of extensive or complex derivative usage. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is clearly disclosed, and the fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The fact sheet confirms physical replication and does not highlight any complex structures or strategies.",
    "confidence": 95,
    "counter_argument": "The KIID mentions the use of derivatives, which could be a potential complexity indicator. However, the context suggests these are used for efficient portfolio management rather than as a core strategy, and the fact sheet does not provide evidence of complex derivative usage. The fund's straightforward physical replication and clear risk disclosures support the non-complex classification."
}