{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - UBS MSCI USA Value UCITS ETF",
    "investment_objective": "Track performance of the MSCI USA Value Index (Net Return), a broad US equity value 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 fund that physically replicates the MSCI USA Value Index by holding the underlying shares in the same proportions as the index (full replication). The KIID and PRIIPs KID explicitly state that the fund may use derivatives only in exceptional circumstances for risk reduction, cost reduction, or income generation, but this use is ancillary and not inherent to the investment strategy, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (category 5 in KIID, 4 in PRIIPs KID), reflecting equity market volatility rather than complexity. The fact sheet confirms physical replication and no use of swaps or synthetic structures. Costs are straightforward with a TER of 0.20%, no performance fees, and no complex fee structures. The underlying assets are large and mid-cap US equities, liquid and transparent, with no complex bonds or structured products. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use only for ancillary risk management, and no leverage or synthetic replication. Therefore, under MiFID II, this ETF is classified as non-complex."
}