{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - UBS Factor MSCI USA Low Volatility UCITS ETF",
    "investment_objective": "Track performance of the MSCI USA Select Dynamic 50% Risk Weighted 100% hedged to EUR Index (Net Return), focusing on US equities with low volatility and high quality characteristics.",
    "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 Select Dynamic 50% Risk Weighted 100% hedged to EUR Index, holding all shares in the same proportions as the index. The KIID and PRIIPs KID confirm that derivatives may be used only for risk reduction, cost reduction, or generating additional capital/income, but not as an inherent part of the investment strategy, thus derivatives usage is incidental and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure beyond normal derivative risk disclosures. The fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid US equities. The risk profile is moderate (risk category 5 in KIID, 4 in PRIIPs KID), reflecting equity market volatility but no complexity flags such as leverage, inverse exposure, capital protection, or complex underlying assets. The fact sheet confirms physical replication, no leverage, no synthetic structures, and a low tracking error (0.06%), supporting a clear linear relationship to the underlying index. Costs are simple with a TER of 0.21%, no performance fees, and no swap or derivative fees. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or suitability restrictions beyond standard retail investor guidance. Overall, the ETF is a standard physical replication equity UCITS ETF with incidental derivative use for hedging, thus classified as non-complex under MiFID II criteria."
}