{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI Japan Socially Responsible UCITS ETF hUSD acc",
    "investment_objective": "Passive replication of MSCI Japan SRI Low Carbon Select 5% Issuer Capped 100% hedged to USD Total Return Net Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity fund investing primarily in Japanese large and mid-cap stocks included in the MSCI Japan SRI Low Carbon Select 5% Issuer Capped 100% hedged to USD Total Return Net Index. The fund uses physical full replication methodology, directly purchasing the underlying securities in the index. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management or where direct replication is not practicable, but no synthetic replication or swap agreements are employed. The factsheet explicitly states 'Replication methodology: Physical (Full replicated)'. There is no mention of funded or unfunded swaps, total return swaps, or counterparty risk beyond normal market risks. The fund does not use leverage, inverse or amplified exposure. The risk profile is moderate (risk category 5 in KIID, 4 in PRIIPs KID), consistent with equity market volatility, without additional complexity flags. Costs are straightforward with a TER of 0.22%, no performance fees, and no securities lending. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. The underlying assets are liquid, transparent equities with no complex structured products or contingent bonds. Currency risk is managed via currency forwards for hedging, which is a standard risk management technique and does not imply synthetic replication. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use for hedging or efficiency, and no leverage or complex features. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}