{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI USA UCITS ETF",
    "investment_objective": "Passive management to track the MSCI USA Index (Net Return), investing in mid and large capitalization US equities.",
    "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 uses physical full replication of the MSCI USA Index, holding the underlying shares in the same proportions as the index. The KIID and PRIIPs KID both confirm that derivatives may be used only in exceptional circumstances for risk reduction or cost efficiency, not as a core part of the investment strategy, thus derivatives are not inherent to the fund's strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond normal securities lending and limited derivative use. The fund is UCITS compliant, with a low ongoing charge (0.07%) and no performance fees. The risk profile is medium (4 out of 7 in PRIIPs KID, 5-6 in KIID), reflecting equity market volatility rather than complexity. The monthly factsheet confirms physical replication, no leverage, no synthetic structures, and no complex underlying assets such as contingent bonds or CLOs. No capital protection or structured features are present. The fund invests directly in liquid, transparent securities with a clear, linear relationship to the underlying index performance. No complexity flags such as leverage, swaps, inverse exposure, or complex derivatives are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}