{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for currency hedging, but not for index replication or leverage",
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI World Socially Responsible UCITS ETF is a UCITS-compliant, physically replicating ETF that tracks a transparent, well-documented equity index (MSCI World SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Index). The fund uses derivatives only for currency hedging to reduce the impact of exchange rate fluctuations between the index currency and the share class currency, not for index replication or leverage. There is no securities lending, no significant leverage, and no embedded derivatives or complex features that would make the structure or risks difficult for a retail investor with basic knowledge to understand. The risk profile is high due to equity market volatility, but this reflects market risk, not structural complexity. All UCITS are automatically non-complex under MiFID II unless they are structured UCITS or use derivatives in a way that introduces complexity beyond efficient portfolio managementu2014neither applies here[1][2]. The use of derivatives for hedging is a secondary feature, well within UCITS rules, and does not override the non-complex presumption for standard UCITS ETFs[1][2]. The fundu2019s structure, objective, and risks are transparent and straightforward, supporting a non-complex classification."
}