{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Irl) ETF plc - MSCI World Small Cap Socially Responsible UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1. Physical replication: The fund uses physical replication (stratified sampling) to track the MSCI World Small Cap SRI Low Carbon Select 5% Issuer Capped Index, as confirmed in the factsheet. 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 to reduce risk, costs, or generate additional capital/income, the factsheet confirms physical replication and shows a very low tracking error (0.05-0.06%), indicating minimal derivative usage. 4. Straightforward investment objective: The fund's objective is to track a well-defined, transparent equity index with ESG characteristics, which is easily understandable for retail investors. 5. UCITS compliance: The fund is UCITS-compliant, which inherently involves certain transparency and risk management requirements that align with non-complex classifications. 6. Risk profile: The fund is classified in risk category 6 (high volatility), but this is typical for equity funds and does not indicate complexity in structure. The risk is primarily market risk, which is easily understandable. 7. No complex underlying assets: The underlying index consists of small-cap equities, which are straightforward investments. There is no mention of complex assets like contingent convertible bonds, CLOs, or structured products. 8. No capital protection or structured features: The fund does not offer capital guarantees or structured return features. 9. Clear cost structure: The fund has a simple cost structure with a TER of 0.23% and no performance fees. 10. No comprehension warning: The PRIIPs KID does not include a comprehension warning, which would be a red flag for complexity.",
    "confidence": 95
}