{
    "name": "UBS MSCI EMU Socially Responsible UCITS ETF hUSD acc",
    "isin": "LU1280300770",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI EMU SRI Low Carbon Select 5% Issuer Capped 100% hedged to USD Index. While derivatives are mentioned as a possible tool for efficient portfolio management or when direct investment is impractical, the primary method is full physical replication. The risk profile (category 6) is high due to equity market volatility, not structural complexity. The fund does not employ leverage, inverse strategies, or complex financial instruments. The use of currency forwards for hedging purposes is a standard practice in UCITS ETFs and does not introduce material complexity. The fund's transparency, liquidity, and straightforward investment objective align with non-complex characteristics under MiFID II.",
    "confidence": 95,
    "counter_argument_consideration": "While the KIID mentions the potential use of derivatives, the factsheet clarifies that the replication methodology is physical (full replication). The derivatives are used only as a secondary tool for efficiency, not as a primary strategy. The absence of leverage, inverse exposure, or complex underlying assets further supports the non-complex classification. The high risk category (6) is due to equity market volatility, not structural complexity, and is common for equity ETFs."
}