{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Core MSCI USA UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS Core MSCI USA UCITS ETF is a UCITS-compliant 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 documents confirm the fund is passively managed with a straightforward index-tracking objective. While the fund may use derivatives in exceptional circumstances for risk reduction, cost efficiency, or income generation, this use is ancillary and not an inherent part of the investment strategy, thus derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is moderate (risk category 5 in KIID, 4 in PRIIPs KID), consistent with equity market volatility, without elevated derivative or counterparty risk disclosures. Costs are simple, with a low ongoing charge (0.07%-0.12%) and no performance fees or swap fees. The monthly factsheet confirms physical full replication, no leverage, and no complex derivative usage. No capital protection or structured features are present. The fund invests directly in liquid, transparent US large and mid-cap equities, with a very low tracking error (0.03%). There are no complexity flags such as capital guarantees, structured returns, or significant counterparty risk. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Overall, the fund\u2019s structure, replication method, underlying assets, risk profile, and cost structure indicate a non-complex financial instrument under MiFID II."
}