{
    "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 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 Index, holding all shares in the same proportions as the index. The KIID and PRIIPs KID mention that derivatives may be used only in exceptional circumstances for risk reduction, cost reduction, or generating additional capital or income, but this is not an inherent part of the investment strategy and does not imply synthetic replication. There is no mention of swap agreements, total return swaps, or counterparty risk exposure. The fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid US equities. The risk profile is medium (category 5 in KIID, 4 in PRIIPs KID), reflecting equity market volatility rather than complexity. No leverage, inverse exposure, capital protection, or complex underlying assets such as contingent convertible bonds or CLOs are present. Costs are simple with a low ongoing charge (0.18% TER) and no performance fees. The factsheet confirms physical replication and no use of synthetic structures. No complexity flags such as capital guarantees, structured features, or significant counterparty risk disclosures are found. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}