{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI ACWI Socially Responsible UCITS ETF is a UCITS-compliant ETF that tracks a transparent, well-documented ESG equity index using physical replication by holding the underlying shares in proportions mirroring the index. The ETF uses currency forwards solely for hedging currency risk, which is considered efficient portfolio management (EPM) and does not constitute derivatives use integral to the investment objective. The fund explicitly states it does not engage in securities lending or significant leverage. The risk profile is high due to equity market volatility, but this reflects market risk, not structural complexity. There are no embedded derivatives, structured products, or synthetic replication involved. According to MiFID II Article 254, Delegated Regulation EU 2017/565 Article 57, and ESMA guidelines, such a UCITS ETF with physical replication, limited derivative use for EPM, transparent index, and no complex features is classified as non-complex. The ETF's structure and risks are straightforward and understandable by retail investors with basic knowledge, so no appropriateness test or comprehension alert is required under MiFID II. This aligns with the regulatory framework that presumes UCITS ETFs non-complex unless they embed derivatives integral to strategy or have complex features such as synthetic replication, leverage, or opaque indices. Therefore, this ETF is non-complex under MiFID II."
}