{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The KIID and PRIIPs documents do not mention synthetic replication, swaps, or derivative instruments. The investment strategy focuses on direct equity investments, indicating physical replication.2. **Leverage and Inverse Exposure**: There is no mention of leverage, inverse strategies, or amplified returns in the documentation. The fund aims to outperform the MSCI ACWI Index through active management, not through leverage or derivatives.3. **Underlying Asset Complexity**: The fund invests in large and mid-cap global equities, with no indication of exposure to illiquid, hard-to-value securities, or complex structured products. The top holdings are well-known, liquid stocks (e.g., Apple, Microsoft, Nvidia).4. **Capital Protection and Structured Features**: There are no capital guarantees, principal protection features, or structured return formulas mentioned.5. **Risk Profile**: The risk rating is 6/7, which is high but not necessarily indicative of complexity. The risks are primarily market-related (equity volatility, emerging markets, currency fluctuations), which are typical for an equity fund and easily understandable by retail investors.6. **Key Risk Disclosures**: The risks are clearly disclosed and relate to standard equity market risks, not complex derivative or counterparty risks.7. **Costs and Charges**: The ongoing charge is 0.25%, with no performance fees or derivative-related costs mentioned.8. **PRIIPs and Factsheet**: The PRIIPs document does not include a comprehension warning, and the factsheet confirms the physical replication method and active equity strategy.**Conclusion**: The ETF is non-complex because it uses physical replication, invests in straightforward equities, and does not employ leverage, swaps, or other complex strategies. The risks are transparent and typical for an equity fund.",
    "confidence": 95
}