{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI USA hedged to EUR UCITS ETF",
    "investment_objective": "Track performance of the MSCI USA 100% hedged to EUR Index (Net Return)",
    "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 aims to replicate the MSCI USA 100% hedged to EUR Index by holding all shares of the index in the same proportions (full physical replication). The fund uses currency forwards to hedge currency risk, but derivative instruments are used only for risk reduction, cost reduction, or generating additional capital/income, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund is UCITS compliant and invests directly in liquid, transparent equity securities. The risk profile is medium (risk category 5 in KIID, 4 in PRIIPs KID), consistent with equity market volatility, not indicating complexity. Fees are straightforward with a low TER of 0.10%, no performance fees, and no complex fee structures. The factsheet confirms physical full replication and no leverage or inverse exposure. No capital protection or structured features are present. The fund uses securities lending but this is common and does not add complexity under MiFID II. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund's structure and strategy are straightforward and transparent, with minimal derivative use for hedging only, leading to a non-complex classification under MiFID II."
}