{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI EMU Socially Responsible UCITS ETF hUSD 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 underlying securities of the MSCI EMU SRI Low Carbon Select 5% Issuer Capped 100% hedged to USD Index. 2. Derivative Usage: While the KIID mentions the possibility of using derivatives for efficient replication, the factsheet explicitly states physical replication is used. Any derivative usage appears to be limited to currency hedging (selling currency forwards) to mitigate FX risk, which is a standard practice in hedged ETFs and does not introduce complexity. 3. No Leverage or Inverse Exposure: The fund does not employ leverage or inverse strategies, and there are no references to amplified returns or gearing. 4. Underlying Assets: The fund invests in equities of companies with high ESG ratings, which are liquid and transparent. The index constituents are well-known, large-cap companies. 5. Risk Profile: The fund is rated risk level 6 (high volatility), but this is typical for equity ETFs and does not indicate complexity. The risks are clearly disclosed and relate to market volatility and currency fluctuations, which are standard for equity investments. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity and ensures adherence to strict regulatory standards. 7. No Capital Protection or Structured Features: There are no capital guarantees, barrier options, or structured return formulas. 8. Transparency: The fund provides clear, comprehensive disclosures about its strategy, risks, and costs, making it suitable for retail investors. The only potential complexity factor is the currency hedging via forwards, but this is a common and well-understood practice in ETFs. Given the lack of leverage, inverse strategies, or complex derivative structures, and the use of physical replication, the fund is classified as non-complex.",
    "confidence": 90
}