{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI USA Select Factor Mix UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Factor-based index with currency hedging and limited derivative use for risk management",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF that physically replicates the MSCI USA Select Factor Mix 100% hedged to EUR Index using a representative sampling strategy. The KIID and PRIIPs KID confirm the use of physical replication with no synthetic replication or swap agreements. Derivatives are used only occasionally and for risk reduction, cost reduction, or generating additional capital or income, not as an inherent part of the investment strategy, so derivative exposure is minimal and not leveraged. There is no mention of funded or unfunded swaps, counterparty risk beyond normal derivative risk, or leverage. The risk profile is medium (category 5 in KIID, 4 in PRIIPs KID), reflecting equity market volatility rather than complexity. The fund does not engage in securities lending, has a straightforward fee structure (TER 0.28%), and no performance fees. The underlying assets are US equities diversified across sectors and market caps, with no complex bonds or structured products. Currency risk is hedged via forwards, but this is a standard hedging practice and does not imply synthetic replication or complexity. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical stratified sampling replication and no use of swaps or leverage. Overall, the fund\u2019s structure and strategy align with a non-complex classification under MiFID II criteria."
}