{
    "fund_name": "UBS Core MSCI USA 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 UBS Core MSCI USA UCITS ETF is a physically replicated ETF tracking the MSCI USA Index, which consists of liquid, large-cap U.S. equities. The KIID and factsheet indicate that the fund uses full physical replication, holding the underlying securities directly. While the KIID mentions that derivatives may be used for risk reduction or cost efficiency, this is explicitly stated as not being a primary strategy and is consistent with standard Efficient Portfolio Management (EPM) practices. The fund has a straightforward investment objective, a clear risk profile (category 6 due to equity market volatility), and no leverage or inverse exposure. The absence of synthetic replication, complex underlying assets, or capital protection features further supports the non-complex classification. The fund's transparency, liquidity, and alignment with a well-known, liquid index reinforce this assessment.",
    "confidence": 95,
    "counter_argument": "Some might argue that the mention of derivatives in the KIID could suggest complexity. However, the factsheet clarifies that the fund uses physical replication, and any derivative use is limited to EPM, which is explicitly permitted under MiFID II without triggering complexity. The fund's risk profile is driven by equity market exposure rather than structural complexity.",
    "risk_level": 6
}