{
    "fund_name": "UBS (Irl) ETF plc - MSCI World Socially Responsible UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a complex ESG index",
        "Currency hedging using derivatives (though likely minimal)",
        "Potential for tracking error due to index construction"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World SRI Low Carbon Select 5% Issuer Capped 100% hedged to EUR Total Return Net Index. While the index itself has complex ESG screening criteria, the fund's straightforward replication method and UCITS compliance suggest it is not complex under MiFID II. The use of derivatives appears limited to currency hedging, which is common and transparent in ETFs. There is no leverage, inverse exposure, or synthetic replication. The risk profile (category 6) reflects equity market volatility rather than product complexity. The PRIIPs KID and factsheet confirm UCITS compliance and physical replication, with no comprehension warnings or complex structures noted.",
    "confidence": 90
}