{
    "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 (Irl) ETF plc - 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 factsheet, meaning it directly invests in 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 factsheet explicitly states no derivatives are used. The KIID's language appears to be standard boilerplate rather than an indication of actual derivative usage. 3. Leverage: There is no mention of leverage, inverse exposure, or amplified returns in any of the documents. 4. Underlying Assets: The fund invests in equities of companies with high gender diversity scores, which are liquid and transparent. 5. Risk Profile: The fund is in risk category 6 due to equity market volatility, but this is typical for equity ETFs and doesn't indicate complexity. 6. Costs: The fund has a simple fee structure with a 0.20% TER. 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. The only potential complexity factor would be the index's gender diversity screening methodology, but this doesn't make the fund itself complex. The factsheet's explicit statement of physical replication and absence of derivatives in the portfolio holdings (as of May 2025) are decisive factors in this classification.",
    "confidence": 95
}