{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Irl) ETF plc - MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-acc is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication ('full replication') as confirmed in the factsheet, meaning it directly invests in the securities of the underlying index (MSCI USA SRI Low Carbon Select 5% Issuer Capped 100% hedged to EUR). 2. Derivative Usage: While the KIID mentions the possibility of using derivatives for hedging currency risk, the factsheet explicitly states no derivatives are used. The KIID's reference to derivatives is likely a standard disclosure rather than an actual usage. 3. Leverage/Inverse: The fund has no leverage or inverse exposure, as confirmed by the absence of any such terms in the documentation. 4. Underlying Assets: The fund invests in liquid, transparent equities of US companies with high ESG ratings, with no complex or illiquid assets. 5. Risk Profile: The fund is in risk category 6 due to equity market volatility, but this is typical for equity ETFs and does not indicate complexity. 6. Costs: The fund has a straightforward fee structure (0.22% TER) with no performance fees or complex cost arrangements. 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. The only potential complexity factor is the currency hedging, but this is standard practice for hedged ETFs and does not trigger a complex classification under MiFID II. The PRIIPs KID and factsheet do not reveal any additional complexity factors. The fund's straightforward physical replication, lack of leverage, and transparent equity holdings make it suitable for retail investors without requiring specialist knowledge.",
    "confidence": 95
}