{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Nasdaq-100 UCITS ETF",
    "investment_objective": "Track performance of the Nasdaq-100 Notional (Net Total Return) Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Primarily United States (95.4%), with minor exposure to UK, Netherlands, Ireland, Australia, Canada",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund physically replicating the Nasdaq-100 Notional Index by holding all shares in the same proportions as the index (full physical replication). The KIID and PRIIPs KID confirm that derivatives may be used only in exceptional circumstances for risk reduction, cost reduction, or income generation, but not as an inherent part of the investment strategy, thus derivatives usage is incidental and not structural. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The factsheet explicitly states 'Replication methodology: Physical (Full replicated)'. There is no leverage, inverse or amplified exposure language. The risk profile is medium-high (category 5 out of 7) due to the volatility of the Nasdaq-100 index itself, not due to structural complexity. Costs are straightforward with a low ongoing charge of 0.13% and no performance fees. No capital protection or structured features are present. The underlying assets are large-cap, liquid equities with no complex bonds or structured products. No complexity flags such as contingent convertible bonds, leverage, or synthetic swaps are identified. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}