{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI World Socially Responsible UCITS ETF is a physically replicated fund that directly holds the underlying securities of its benchmark index. The KIID explicitly states that the fund 'will seek to hold all of the shares of the Index, in the same proportions as the Index,' indicating full physical replication. While the KIID mentions that derivatives 'may' be used for risk reduction, cost reduction, or generating additional capital, there is no indication that derivatives are a core part of the investment strategy or that they are used in a way that would materially alter the risk profile. The fund's risk level is categorized as 6 due to equity market volatility, which is typical for equity ETFs and not indicative of structural complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The underlying index (MSCI World SRI Low Carbon Select 5% Issuer Capped Index) is a standard equity index with ESG criteria, which does not introduce additional complexity. The fund is UCITS-compliant, further supporting its classification as non-complex under MiFID II.",
    "confidence": 95
}