{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management, not central to strategy",
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions u2013 MSCI USA Socially Responsible UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index. It is passively managed and invests predominantly in the underlying securities of the index. While the fund may use derivatives, this is explicitly for efficient portfolio management (EPM) purposesu2014such as managing inflows/outflows, hedging currency risk, or reducing transaction costsu2014and not as a central part of the investment strategy. The fund does not engage in securities lending, does not use significant leverage, and does not hold complex bonds or structured products like CLOs. The risk profile is driven by equity market volatility, not by complex structural features. The use of derivatives is limited and disclosed, with no indication that they introduce material counterparty risk, collateral risk, or opacity that would make the product difficult for a retail investor with basic knowledge to understand. The fundu2019s structure, objective, and risks are straightforward and transparent, supporting a non-complex classification under MiFID II Article 57 and the general UCITS presumption, as the derivative use does not override the productu2019s overall simplicity and transparency[1]. Complex UCITS (e.g., synthetic ETFs, structured UCITS) would require an appropriateness test, but this ETF does not exhibit those characteristics[2]."
}