{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI ACWI Socially Responsible UCITS ETF (IE00BDR55364) is classified as non-complex under MiFID II based on the following analysis: 1. Physical replication: The fund uses physical replication (full replication) as confirmed in the factsheet, meaning it directly invests in the underlying securities of the MSCI ACWI SRI Low Carbon Select 5% Issuer Capped Index. 2. No leverage or inverse exposure: There is no mention of leverage, inverse strategies, or amplified returns in any of the documents. 3. Minimal derivative usage: While the KIID mentions the possibility of using derivatives for risk reduction or cost efficiency, the factsheet confirms physical replication and shows no evidence of significant derivative exposure. 4. Straightforward index tracking: The fund's objective is to track a broad, liquid equity index with clear ESG criteria, which is easily understandable. 5. UCITS compliance: The fund is UCITS-compliant, which inherently limits complexity. 6. Risk profile: The fund is in risk category 6 due to equity market volatility, but this is typical for equity ETFs and does not indicate complexity. 7. No structured features: There are no capital protection mechanisms, barrier options, or other structured features. The only potential complexity factor is the use of derivatives for risk management, but this is common in ETFs and does not trigger complexity under MiFID II unless it significantly alters the risk profile or requires specialist knowledge. The factsheet and KIID confirm that the fund does not use derivatives for leverage or complex strategies, and the replication method is physical. Therefore, the fund is classified as non-complex.",
    "confidence": 95
}