{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Derivatives for hard-to-access markets",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions - MSCI Emerging Markets UCITS ETF primarily uses physical replication with a sampling strategy. While it has the option to use derivatives for hard-to-access markets (up to a small percentage), this is not the primary replication method. The KIID and PRIIPs documents confirm the fund is UCITS-compliant and passively managed. The derivatives usage is limited to efficient portfolio management rather than leverage or inverse strategies. The risk profile is high (category 6) due to emerging markets exposure, but this does not inherently make the product complex. The fund's transparency, liquidity, and straightforward replication method align with non-complex classification under MiFID II.",
    "confidence": 90
}