{
    "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 EMU Value UCITS ETF is a UCITS-compliant ETF that physically replicates the MSCI EMU Value Index through direct investments in substantially all component securities. The KIID and PRIIPs KID documents confirm that derivatives may be used only occasionally and primarily for efficiency or where direct replication is impracticable, but this use is limited and risk mitigated by collateral policies. There is no mention of synthetic replication, funded or unfunded swaps, or total return swaps. The fund does not employ leverage, inverse or amplified exposure. The monthly factsheet explicitly states the replication methodology as physical (full replication). The underlying assets are equities from developed European markets, with no complex structured products or contingent convertible bonds. The risk profile is medium (4 out of 7) in the PRIIPs KID and 6 in the KIID, reflecting equity market volatility rather than structural complexity. Costs are straightforward with a TER of 0.25% and no performance fees or swap fees. There are no capital protection or structured features. The PRIIPs KID includes a comprehension warning that the product 'is not simple and may be difficult to understand,' but this is a standard phrase for many ETFs and does not reflect inherent complexity from derivatives or leverage. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure used only for operational efficiency, not as a core strategy element. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}