{
    "fund_name": "UBS (Irl) ETF plc - MSCI World UCITS ETF",
    "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 for the following reasons:1. **Physical Replication**: The fund uses physical replication (full replication) as confirmed in the fact sheet, meaning it directly holds the underlying securities of the MSCI World Index.2. **No Leverage or Inverse Exposure**: There is no mention of leverage, inverse strategies, or amplified returns in the KIID or fact sheet.3. **No Synthetic Replication or Swaps**: The fund does not use synthetic replication or swap agreements, as confirmed by the fact sheet stating 'Physical (Full replicated) Fund'.4. **Simple Risk Profile**: The fund invests in equities of large and mid-cap companies globally, with a straightforward risk profile (risk category 6, which is typical for equity ETFs).5. **UCITS Compliance**: The fund is UCITS-compliant, which inherently imposes strict transparency and liquidity requirements, reducing complexity.6. **No Complex Underlying Assets**: The underlying index (MSCI World) consists of liquid, transparent equities, and there is no exposure to illiquid or complex securities like CoCos, AT1 bonds, or CLOs.7. **No Capital Protection or Structured Features**: The fund does not offer capital guarantees, principal protection, or structured return features.8. **Low Costs and Transparency**: The ongoing charges are low (0.10%), and there are no hidden fees or complex fee structures.9. **No Counterparty Risk**: Since the fund uses physical replication, there is no counterparty risk from derivatives or swaps.10. **Clear Risk Disclosures**: The risk disclosures are straightforward and typical for an equity ETF, with no warnings about complexity or suitability for retail investors.The only potential complexity factor is the use of derivatives for 'reducing risk, reducing costs or generating additional capital or income', but this is a standard disclosure in many ETFs and does not imply actual derivative usage. The fact sheet confirms physical replication, so this is likely a generic risk statement rather than an indication of actual derivative exposure.",
    "confidence": 95
}