{
    "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 100% hedged to CHF Index. It does not employ leverage, inverse strategies, or synthetic replication. While derivatives may be used for risk reduction, cost efficiency, or generating additional income, they are not a core part of the investment strategy. The fund is UCITS-compliant, has a straightforward index-tracking objective, and invests directly in liquid, transparent securities. The risk profile is clearly disclosed, and the ongoing charges are low (0.22%). The ESG focus does not introduce complexity under MiFID II rules.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of derivatives for hedging or additional income could introduce complexity. However, the KIID explicitly states that derivatives are used for risk reduction, cost efficiency, or generating additional income, not as a primary investment strategy. The fund's physical replication and straightforward index-tracking objective outweigh this concern, supporting a non-complex classification."
}