{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI USA hedged to CHF UCITS ETF",
    "investment_objective": "Track performance of the MSCI USA 100% hedged to CHF Index (Net Return)",
    "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 replication with full replication of the MSCI USA 100% hedged to CHF Index, holding all shares in the same proportions as the index. The fund may use derivatives only for risk reduction, cost reduction, or generating additional capital or income, but this use is incidental 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 is UCITS compliant. Leverage or inverse exposure is not present. The risk profile is medium (4 out of 7 in PRIIPs KID) and high (5 out of 7 in KIID), reflecting equity market volatility rather than complexity. Costs are straightforward with a TER of 0.10%, no performance fees, and no complex fee structures. The fund invests directly in liquid, transparent equity securities of US mid and large cap companies. The currency hedge is implemented via forward currency contracts but this is a standard hedging technique and does not imply synthetic replication or complexity. The monthly factsheet confirms physical replication and no use of swaps as part of the core strategy. No capital protection or structured features are present. No complex underlying assets such as contingent convertible bonds or CLOs are held. No leverage or inverse exposure is indicated. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}