{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Factor MSCI USA Prime Value Screened UCITS ETF",
    "investment_objective": "Replicate the price and return performance of the MSCI USA Prime Value Advanced Target Select Index (Net Total Return) net of fees",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (US large and mid cap stocks)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates the MSCI USA Prime Value Advanced Target Select Index using full replication. The KIID and PRIIPs KID both confirm that derivatives may be used only to gain efficiencies or where direct replication is impracticable, but this is not an inherent element of the investment strategy and derivatives are used minimally, primarily for risk management or operational efficiency. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The factsheet explicitly states 'Replication methodology: Physical (Full replicated)'. There is no leverage, inverse or amplified exposure. The risk profile is moderate (risk category 5 in KIID, 4 in PRIIPs KID), consistent with direct equity exposure and no embedded leverage or complex features. The fund invests directly in liquid, transparent US large and mid cap equities with a broad sector diversification. No capital protection or structured features are present. Costs are straightforward with a TER of 0.25% and no performance fees or swap fees. Counterparty risk is mentioned only in the context of OTC derivatives usage, which is minimal and mitigated by collateral policy. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms no securities lending and no complex underlying assets such as contingent convertible bonds or CLOs. Tracking error is very low (0.05%), indicating a straightforward index tracking strategy. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}