{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Global Brands UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Physical replication method: The fund uses physical replication (full replication) as stated in the fact sheet, which is a non-complex indicator. 2. No leverage or inverse exposure: There are no references to leverage, inverse strategies, or amplified returns in the KIID or fact sheet. 3. No synthetic replication: The fund does not use swap agreements, total return swaps, or other derivative instruments for replication purposes. 4. Straightforward investment strategy: The fund aims to track the Solactive Brand Finance Global Brands Index by investing in the underlying companies in similar proportions to their weightings in the index. 5. UCITS compliance: The fund is UCITS compliant, which generally indicates a lower complexity level. 6. Risk profile: The fund is rated 6 on the risk scale, which is moderate and does not indicate excessive complexity. 7. No capital protection or structured features: There are no capital guarantees, principal protection features, or structured return formulas mentioned. 8. Transparent underlying assets: The fund invests in global equities of companies with valuable brands, which are liquid and transparent securities. 9. No complex underlying assets: The underlying investments are straightforward equities, not complex structured products or illiquid securities. 10. Clear risk disclosures: The risk disclosures are clear and do not mention significant counterparty risk or complex derivative-related risks. The fact sheet and KIID do not contain any comprehension warnings or indications that the fund may not be suitable for retail investors. The fund's structure and strategy are transparent and easily understandable for retail investors.",
    "confidence": 95
}