{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions - MSCI Japan Socially Responsible UCITS ETF (hedged to CHF) A-dis is a physically replicated ETF that uses direct investments in the underlying securities of the MSCI Japan SRI Low Carbon Select 5% Issuer Capped Index. The KIID and factsheet confirm physical replication ('full replication') with no mention of synthetic replication, swaps, or derivative instruments beyond standard hedging for currency risk. The fund's investment objective is straightforward: to track the performance of the index, and it does not employ leverage, inverse strategies, or complex structured products. The underlying assets are liquid, transparent Japanese equities with high ESG ratings, and the fund is UCITS-compliant, indicating adherence to strict regulatory standards for transparency and investor protection. The risk profile (category 6) reflects the volatility of equity markets but does not indicate complexity in structure. The absence of derivatives beyond currency hedging, the physical replication method, and the clear, linear relationship to the underlying index all support a non-complex classification under MiFID II.",
    "confidence": 95
}