{
    "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 GBP) is a physically replicated ETF that tracks the MSCI USA SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Index. The KIID and factsheet confirm that the fund uses physical replication, meaning it directly holds the underlying securities of the index. There is no mention of synthetic replication, swaps, or derivative instruments beyond standard hedging for currency risk. The fund's investment objective is straightforward: to replicate the performance of the index, which consists of large-cap US equities with strong ESG characteristics. The risk profile is clearly stated as 'high risk' (risk category 6), but this is typical for equity ETFs and does not indicate complexity. The fund is UCITS-compliant, which further supports its non-complex classification. The factsheet explicitly states that the replication method is 'Physical (Full replicated),' reinforcing that the fund does not use derivatives for investment purposes. The only derivative-like activity mentioned is currency hedging, which is a standard practice for hedged ETFs and does not trigger complexity under MiFID II. The index itself is a standard equity index with no complex or illiquid underlying assets. The fund's costs are transparent, with a low TER of 0.22%, and there are no performance fees or complex fee structures. The KIID and factsheet do not include any warnings about complexity or suitability for retail investors, which would be expected if the fund were complex. The fund's volatility and tracking error are low, further indicating a straightforward investment strategy.",
    "confidence": 95
}