{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI Europe Socially Responsible UCITS ETF",
    "investment_objective": "To replicate the price and return performance of the MSCI Europe SRI Low Carbon Select 5% Issuer Capped Total Return Net Index net of fees, focusing on best-in-class ESG companies across 15 developed European markets.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (15 developed markets countries)",
    "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 Europe SRI Low Carbon Select 5% Issuer Capped Index, investing directly in the underlying equities. The KIID and PRIIPs KID both confirm that derivatives may be used only where direct investment is not possible or to generate efficiencies, but this is ancillary and not an inherent part of the strategy, so derivatives are considered false. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond standard derivative risk disclosures. The fund is UCITS compliant and does not use leverage or inverse strategies. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID due to equity volatility), but this is typical for equity ETFs and does not indicate complexity under MiFID II. Costs are straightforward with a low TER of 0.18%, no performance fees, and no securities lending. The factsheet confirms physical full replication and no use of swaps or synthetic structures. The underlying assets are liquid European equities with no complex bonds or contingent convertible bonds. 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 a standard caution for equity ETFs with ESG overlays and does not reflect structural complexity. Overall, the fund exhibits none of the key complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II rules."
}