{
    "fund_name": "UBS MSCI USA 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 USA SRI Low Carbon Select 5% Issuer Capped Index, which consists of liquid, large-cap US equities with ESG criteria. While derivatives are permitted for risk management, they are not a core part of the strategy. The fund has a straightforward investment objective, low ongoing charges (0.19%), and a clear risk profile (category 6 due to equity volatility). The KIID and factsheet confirm no leverage, inverse exposure, or complex underlying assets. The ESG focus does not introduce complexity under MiFID II rules.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the ESG screening process adds complexity, but MiFID II does not classify ESG-focused funds as complex unless they involve illiquid assets or sophisticated strategies. The derivatives usage is explicitly limited to risk reduction and cost efficiency, not for leverage or speculative purposes, which aligns with non-complex criteria."
}