{
    "fund_name": "UBS Core MSCI EM UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of derivatives for hard-to-access markets",
        "Counterparty risk from derivatives",
        "High volatility risk category (6/7)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with stratified sampling for the MSCI Emerging Markets Index. While it has the option to use derivatives for hard-to-access markets (up to a small percentage), this is not the primary strategy. The KIID and PRIIPs documents emphasize transparency, liquidity, and UCITS compliance. The risk category (6/7) reflects the underlying index's volatility rather than structural complexity. The use of derivatives appears limited to efficient portfolio management rather than leveraged or inverse strategies. The fund's straightforward tracking objective and UCITS status support a non-complex classification.",
    "confidence": 85,
    "counter_argument": "Some may argue that the use of derivatives, even if limited, could indicate complexity. However, the fund's primary physical replication method, UCITS compliance, and transparent tracking strategy outweigh this concern. The derivatives are used for practical access rather than creating a complex structure.",
    "risk_level_assessment": "The fund's risk category (6/7) aligns with the high volatility of emerging markets equities, which is inherent to the index rather than the fund's structure. The complexity factors identified are mitigated by the fund's overall transparency and regulatory compliance."
}