{
    "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 - MSCI United Kingdom IMI Socially Responsible UCITS ETF (GBP) 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 securities of the underlying index. 2. Derivative Usage: While the KIID mentions the fund 'may' use derivatives for risk reduction, cost reduction, or generating additional capital/income, the factsheet explicitly states no derivatives are used. The 'may' language in the KIID is standard regulatory boilerplate and not indicative of actual usage. 3. Leverage/Inverse: No leverage or inverse exposure is present. 4. Underlying Assets: The fund invests in liquid, transparent UK equities with an ESG focus, with no complex securities like CoCos or CLOs. 5. Risk Profile: The fund tracks a straightforward equity index with no structured features or capital protection mechanisms. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. 7. Transparency: The fund provides clear, comprehensive disclosures about its holdings and strategy. The only potential complexity factor is the 'may use derivatives' language in the KIID, but this is mitigated by: a) The factsheet's explicit confirmation of physical replication b) The lack of any derivative-related risks in the risk section c) The fund's straightforward equity-focused strategy. The PRIIPs KID and factsheet provide no additional complexity indicators. The fund's risk category (6) reflects the volatility of UK equities, not structural complexity. The absence of any swap agreements, leverage, or inverse exposure, combined with physical replication and UCITS compliance, supports the non-complex classification.",
    "confidence": 95
}