{
    "fund_name": "UBS Nasdaq-100 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a broad, liquid index",
        "No leverage or inverse exposure",
        "No synthetic replication or swap usage",
        "Transparent, liquid underlying assets"
    ],
    "classification": "non-complex",
    "supporting_data": "The UBS Nasdaq-100 UCITS ETF is a physically replicated ETF that tracks the Nasdaq-100 Notional Index. The KIID and PRIIPs documents confirm it uses physical replication (full replication) and does not employ derivatives, swaps, or leverage. The underlying index consists of 100 large, liquid companies across major sectors, and the fund's risk profile (category 6) is based on the volatility of the index. There are no complex structures, capital protection features, or structured products involved. The fund's objective is straightforward: to replicate the index's performance, and it achieves this through direct investment in the constituent securities. The fact sheet further confirms the physical replication method and the absence of derivative usage. While the fund may use derivatives for risk reduction or cost efficiency (as mentioned in the KIID), this is not a primary feature of the strategy and does not materially alter the fund's risk profile or complexity. The fund is UCITS-compliant, which implies adherence to strict transparency and investor protection standards. The absence of synthetic replication, leverage, or inverse exposure, combined with the liquid and transparent nature of the underlying assets, supports the conclusion that this ETF is non-complex under MiFID II.",
    "confidence": 95
}