{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Emerging Markets Socially Responsible UCITS ETF",
    "investment_objective": "Passive management aiming to track the MSCI Emerging Markets SRI Low Carbon Select 5% Issuer Capped Total Return Net Index using a representative sampling strategy with portfolio optimization.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical stratified sampling replication methodology investing directly in equities of the MSCI Emerging Markets SRI Low Carbon Select 5% Issuer Capped Index. There is no mention of synthetic replication, swap agreements, or derivative instruments used for investment exposure. Derivatives may be used only for risk reduction purposes, which does not trigger complexity under MiFID II. The fund is UCITS compliant, with a straightforward index-tracking objective and invests in liquid, transparent securities. The risk profile is medium (4 out of 7 in PRIIPs KID), reflecting equity market volatility typical of emerging markets, but no leverage or inverse exposure is present. Costs are simple with a TER of 0.24%, no performance fees, and no securities lending. The PRIIPs KID states the product is 'not simple and may be difficult to understand' but this is likely due to the emerging markets equity exposure and ESG screening rather than structural complexity. The factsheet confirms no use of swaps or synthetic replication and shows a low tracking error (0.13% to 0.25%) indicating close physical replication. No capital protection or structured features are present. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex derivatives, or capital protection mechanisms.",
    "risk_level_assessment": "The fund's risk profile is medium (4 out of 7 in PRIIPs KID, 5 in KIID), consistent with equity exposure in emerging markets. This risk level reflects market volatility and ESG screening but does not indicate structural complexity. The absence of leverage, synthetic replication, or complex derivatives aligns with a non-complex classification under MiFID II."
}