{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Core MSCI USA hEUR UCITS ETF",
    "investment_objective": "Track performance of the MSCI USA 100% hedged to EUR Index (Net Return), investing in mid and large capitalization US equities with currency hedging via forward contracts.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "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 100% hedged to EUR Index, holding all shares in the same proportions as the index. The currency hedging is achieved by selling foreign currency forwards at one month forward rate, which is a standard risk management technique rather than an inherent derivative-based investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage or inverse strategies. The risk profile is moderate to high (risk category 5-6) due to equity market volatility, not due to structural complexity. Costs are straightforward with a low ongoing charge (0.18% in KIID, 0.10% TER in factsheet) and no performance fees. The PRIIPs KID confirms the fund is aimed at retail investors with basic financial understanding and does not include any complexity warnings or comprehension alerts. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The currency hedging via forwards is a standard practice and does not trigger the 'derivatives' flag as per MiFID II complexity rules since derivatives are used for risk reduction, not as an inherent element of the investment strategy. No capital protection or structured features are present. The underlying assets are liquid large and mid cap US equities. No complex bonds or contingent convertible bonds are held. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure used solely for currency risk management. Therefore, it is classified as non-complex under MiFID II."
}