{
    "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 UBS Global Gender Equality UCITS ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication (full replication) as confirmed in the fact sheet, meaning it directly holds the underlying securities of the Solactive Equileap Global Gender Equality 100 Leaders Net Total Return Index.2. **Derivative Usage**: While the KIID mentions the possibility of using derivatives for risk reduction, cost reduction, or generating additional capital/income, the fact sheet explicitly states that the fund does not use derivatives for replication. The derivative usage is likely limited to efficient portfolio management (e.g., hedging) and does not appear to be a core part of the investment strategy.3. **Leverage and Inverse Exposure**: There is no mention of leverage, inverse exposure, or amplified returns in the KIID or fact sheet. The fund's objective is to track the performance of the index, and the fact sheet shows a straightforward, linear relationship between the fund's performance and the index.4. **Underlying Asset Complexity**: The underlying assets are equities of companies with high gender diversity scores, which are liquid and transparent. The index methodology is clear and based on publicly available criteria.5. **Risk Profile**: The fund is in risk category 6 (high risk) due to equity exposure, but this is typical for equity ETFs and does not indicate complexity. The risks are clearly disclosed and relate to market volatility, not complex structures.6. **Costs and Charges**: The fund has a simple fee structure with an ongoing charge of 0.20% and no performance fees, which is typical for non-complex ETFs.7. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives.8. **Counterparty Risk**: While the KIID mentions counterparty risk, this is a standard disclosure for any fund that may use derivatives, even if the actual usage is minimal or nonexistent. The fact sheet does not indicate any significant counterparty exposure.**Conclusion**: The fund is non-complex because it uses physical replication, has a straightforward investment objective, invests in liquid and transparent securities, and does not exhibit any of the complexity triggers under MiFID II. The mention of derivatives in the KIID is likely a standard disclosure and does not reflect actual usage in this case.",
    "confidence": 90
}