{
    "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 S&P 500 Scored & Screened UCITS ETF (hGBP dis) 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 S&P 500 Scored & Screened Hedged to GBP Index. 2. Derivative Usage: While the KIID mentions the possibility of using derivatives for risk reduction, hedging, or cost efficiency, the factsheet explicitly states physical replication, and there is no evidence of synthetic replication or swap usage. The currency hedging is achieved through selling foreign currency forwards, which is a standard practice and does not indicate complexity. 3. Leverage and Inverse Exposure: The fund does not employ any leverage or inverse strategies, and the risk profile is aligned with the underlying equity market exposure. 4. Underlying Assets: The fund invests in large-cap U.S. equities, which are liquid and transparent. The ESG screening process does not introduce complexity. 5. Risk Profile: The fund is categorized in risk level 6, which is high but expected for an equity fund. The risks are clearly disclosed and typical for equity investments. 6. Costs and Charges: The fee structure is straightforward, with a low TER of 0.13%. 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies. The absence of derivatives beyond simple hedging, the physical replication method, and the straightforward equity exposure all support the non-complex classification. The fund's structure and disclosures are transparent, and the risks are easily understandable for retail investors.",
    "confidence": 95
}