{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Core MSCI USA UCITS ETF",
    "investment_objective": "Track performance of the MSCI USA Index (Net Return) by holding all shares in the same proportions as the Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates the MSCI USA Index by holding all or substantially all underlying shares in the same proportions as the index (full physical replication). The KIID and PRIIPs KID confirm that derivatives may be used only for risk reduction, cost reduction, or generating additional capital or income, but not as an inherent part of the investment strategy, and derivative use is limited and not leveraged. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond normal securities lending and limited derivative use for hedging. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (category 5 in KIID, 4 in PRIIPs KID), consistent with equity market volatility, not complexity. The fact sheet confirms physical replication, no synthetic or swap-based replication, and no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a low TER (0.07%-0.12%) and no performance fees or complex fee structures. No capital protection or structured features are present. The fund tracks a broad, liquid, transparent equity index with minimal tracking error (0.03%). No complexity flags such as capital guarantees, barrier options, or complex derivatives are identified. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Overall, the ETF is a straightforward, physically replicated, passive equity index fund with minimal derivative use for risk management, thus classified as non-complex under MiFID II."
}