{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI USA Select Factor Mix UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF that tracks the MSCI USA Select Factor Mix Index using a physical replication method via stratified sampling. The KIID and PRIIPs KID confirm the fund invests directly in a representative sample of US equities, with no use of synthetic replication or swap agreements. Derivatives may be used only exceptionally for risk reduction or cost management, not as a core part of the investment strategy, so derivative exposure is minimal and not inherent. There is no leverage, inverse or amplified exposure. The risk rating is 5-6 in the KIID and 4 in the PRIIPs KID, reflecting equity market volatility but not complexity. The fund does not engage in securities lending, has a straightforward fee structure (TER ~0.25%), and no performance fees. The underlying assets are liquid US equities, with no complex bonds or structured products. The index tracked is a factor-based equity index, which is more complex than a simple market cap index but does not itself trigger complexity classification under MiFID II. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No capital protection or structured features are present. No significant counterparty risk is disclosed beyond normal market risks. Overall, the fund exhibits none of the key complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}