{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - 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 use of derivatives for risk management",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF that tracks the MSCI USA Select Factor Mix 100% hedged to CHF Index using a physical replication method via representative sampling and portfolio optimization. The KIID and PRIIPs KID confirm that derivatives may be used only for risk reduction, cost reduction, or generating additional capital/income, not as an inherent part of the investment strategy, and no synthetic replication or swap agreements are mentioned. The fund does not use leverage, inverse or amplified exposure. The risk profile is medium (category 5 in KIID, 4 in PRIIPs KID), reflecting equity market volatility rather than complexity. The fact sheet confirms physical stratified sampling replication, no securities lending, and no mention of funded or unfunded swaps or counterparty risk beyond normal derivative risk disclosures. Costs are straightforward with a TER of 0.28% and no performance fees. The index tracked is factor-based and alternatively weighted, which adds some conceptual complexity but does not trigger MiFID II complexity classification by itself. There are no capital protection features or structured product elements. The derivatives usage is limited and for hedging purposes only, so 'derivatives' is marked false per instructions. No leverage or inverse exposure is present. Overall, the fund is non-complex under MiFID II criteria.",
    "risk_level_assessment": "The fund's risk category (5 in KIID, 4 in PRIIPs KID) reflects typical equity market volatility and currency hedging risk, not complexity. The use of derivatives is limited to risk management and currency hedging, with no leverage or synthetic replication, aligning with a non-complex risk profile."
}