{
    "name": "UBS MSCI Pacific ex Japan IMI Socially Responsible UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Pacific ex Japan IMI Extended SRI Low Carbon Select 5% Issuer Capped Index. While the KIID mentions that derivatives may be used for risk reduction, cost reduction, or generating additional capital or income, it explicitly states that this is not a primary strategy and is only used in exceptional circumstances. The fund does not use leverage, inverse strategies, or synthetic replication. The risk profile is rated at level 6 due to equity market volatility, not due to structural complexity. The ESG focus and SRI screening do not introduce additional complexity under MiFID II rules. The fund is UCITS-compliant, which generally aligns with non-complex classifications.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives, even for risk management, could introduce complexity. However, the KIID and factsheet clarify that derivative usage is limited and not a core part of the investment strategy. The fund's physical replication and straightforward index-tracking objective outweigh this concern.",
    "risk_level": 6,
    "additional_notes": "The ETF is classified as non-complex due to its physical replication method, lack of leverage or inverse strategies, and limited derivative usage. The ESG focus does not contribute to complexity under MiFID II."
}