{
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Japan Socially Responsible UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Japan SRI Low Carbon Select 5% Issuer Capped 100% hedged to CHF Index (Net Return). It does not employ leverage, inverse strategies, or synthetic replication. The fund's risk profile is clearly disclosed, and it uses derivatives only for currency hedging, which is considered efficient portfolio management under MiFID II. The underlying assets are liquid equities, and the fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "currency_hedging": true,
    "esg_focus": true,
    "benchmark_complexity": "low",
    "liquidity": "high",
    "counterparty_risk": "low",
    "counter_argument": "While the fund uses derivatives for currency hedging, this is explicitly permitted under MiFID II for efficient portfolio management and does not inherently make the product complex. The fund's physical replication and transparent structure further support its classification as non-complex.",
    "final_decision_override": "The fund is classified as non-complex due to its physical replication, lack of leverage or inverse strategies, and straightforward use of derivatives for hedging purposes only. The UCITS compliance and liquid underlying assets reinforce this classification."
}