{
    "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 Europe UCITS ETF is a UCITS-compliant ETF that physically replicates the MSCI Europe Index through direct investments in substantially all component securities. The KIID and PRIIPs KID documents confirm the fund is passively managed with a straightforward index-tracking objective. While the fund may use derivatives occasionally to gain exposure or for efficiency, this is not an inherent part of the investment strategy but rather for risk management or practical reasons, thus derivatives are marked false. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity volatility, not complexity). Costs are simple with a low TER of 0.10% and no performance fees or swap fees. The monthly factsheet confirms physical full replication, no leverage, and no synthetic structures. No capital protection or structured features are present. The PRIIPs KID states the product is 'not simple and may be difficult to understand' but this is likely due to equity market risk and not structural complexity. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}