{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI USA Socially Responsible UCITS ETF is physically replicated, uses no leverage, and does not employ synthetic replication or swaps. The fund's primary objective is to track the MSCI USA SRI Low Carbon Select 5% Issuer Capped Index through direct investment in the underlying securities. While the KIID mentions that derivatives may be used for risk reduction, cost efficiency, or generating additional income, this is explicitly stated as an ancillary function rather than a core strategy. The fund's risk profile (category 5) is driven by its equity exposure rather than structural complexity. The absence of leverage, inverse strategies, or capital protection mechanisms further supports the non-complex classification. The fund is UCITS-compliant, which inherently imposes transparency and liquidity requirements that align with non-complex instruments.",
    "confidence": 0.95,
    "counter_argument": "The KIID mentions derivative usage, which could raise complexity concerns. However, the context clarifies this is for risk management rather than as a primary investment strategy. The physical replication method and straightforward index-tracking objective outweigh this minor complexity indicator. The fund's ESG focus does not introduce structural complexity under MiFID II rules."
}