{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI USA Socially Responsible UCITS ETF",
    "investment_objective": "Passively track the MSCI USA SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Index (Net Return), focusing on best-in-class ESG US companies with low carbon exposure.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The fund uses physical full replication of the MSCI USA SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Total Return Net Index, investing directly in underlying equities. The KIID and PRIIPs KID confirm that derivatives may be used only for risk reduction, cost reduction, or generating additional capital or income, but not as an inherent part of the investment strategy, and their use may multiply gains or losses. However, the factsheet explicitly states physical replication and no use of synthetic replication or swap agreements. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 5 out of 7 in KIID), consistent with equity market volatility, not complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.22%, no performance fees, and no securities lending. Counterparty risk is mentioned only in the context of derivative use for hedging, not as a material complexity factor. The index tracked is a standard MSCI ESG index with 183 constituents, no complex structured products or contingent bonds. The PRIIPs KID does not carry any comprehension warning or complexity flag. Overall, the fund is a standard physical replication UCITS ETF with minimal derivative use for hedging, no leverage, and no complex underlying assets, thus classified as non-complex under MiFID II rules."
}