{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions - MSCI World Socially Responsible UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical (full) replication as confirmed in the factsheet, meaning it directly invests in the underlying securities of the MSCI World SRI Low Carbon Select 5% Issuer Capped Index. 2. Derivative Usage: While the KIID mentions the fund 'may use derivatives,' the factsheet explicitly states no derivatives are used for replication. Any derivative usage would be minimal and for efficient portfolio management (e.g., hedging), not as an inherent part of the strategy. 3. Leverage/Inverse: The fund has no leverage or inverse exposure, as confirmed by the absence of terms like '2x,' 'inverse,' or 'gearing' in all documents. 4. Underlying Assets: The fund invests in liquid, transparent equities with no exposure to complex assets like contingent convertible bonds or CLOs. 5. Risk Profile: The fund's risk rating (6/7) reflects equity market volatility, not derivative or counterparty risks. 6. Costs: The TER is straightforward (0.22%), with no swap fees or performance-related charges. 7. UCITS Compliance: The fund is UCITS-compliant, subject to strict regulatory standards for retail investor suitability. The only potential complexity indicator is the KIID's mention of derivative risk, but this is standard boilerplate language for UCITS funds and does not reflect actual usage. The factsheet's explicit confirmation of physical replication and absence of derivative strategies overrides this. The fund's straightforward index-tracking objective, liquid underlying assets, and transparent structure align with MiFID II's non-complex criteria.",
    "confidence": 95
}