{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - UBS MSCI USA Universal UCITS ETF",
    "investment_objective": "Passive management to track the MSCI USA Universal Low Carbon Select 5% Issuer Capped Index (Net Total Return), focusing on ESG tilted large and mid-cap US equities with a carbon intensity reduction target.",
    "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 uses physical full replication of the MSCI USA Universal Low Carbon Select 5% Issuer Capped Index, investing directly in underlying equities. There is no mention of synthetic replication, swap agreements, or derivative instruments used for investment purposes. The fund explicitly states it does not engage in securities lending and only uses derivatives potentially for risk reduction, which does not trigger complexity. The risk profile is medium (category 4-6 depending on document), consistent with equity market volatility, not elevated by leverage or complex features. No capital protection or structured features are present. Fees are straightforward with a low ongoing charge (0.07%) and no performance fees. The PRIIPs KID confirms the fund is suitable for retail investors with basic financial understanding and does not carry a comprehension warning. The factsheet confirms physical replication, no leverage, no swaps, and direct investment in liquid, transparent US equities. The underlying index is a standard MSCI ESG tilted equity index without complex derivatives or contingent bonds. No references to roll costs, contango, or backwardation effects are found. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use and no leverage, meeting the criteria for non-complex classification under MiFID II."
}