{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - UBS Factor MSCI USA Prime Value Screened UCITS ETF",
    "investment_objective": "Passive replication of MSCI USA Prime Value Advanced Target Select 100% Hedged to GBP Index (Net Total Return) via direct investments and/or derivatives for efficiency and practicability.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (US large and mid cap stocks)",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of OTC derivatives for hedging and efficiency, counterparty risk exposure, currency hedging via forwards",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the MSCI USA Prime Value ESG Low Carbon Select 100% Hedged to GBP Index. The fund uses physical full replication primarily but also employs derivatives, including OTC derivatives and currency forwards, to achieve currency hedging and to gain exposure efficiently where direct replication is impractical. The KIID and PRIIPs KID explicitly mention the use of derivatives and OTC derivatives, which introduce counterparty risk, although mitigated by collateral policies. The fund does not use leverage or inverse strategies. The risk profile is medium to high (risk category 5 in KIID, 4 in PRIIPs KID), reflecting equity market volatility and derivative usage. The factsheet confirms physical full replication and hedging via currency forwards, with no mention of synthetic replication or funded/unfunded swaps. However, the presence of OTC derivatives and counterparty risk, even if for hedging or efficiency, triggers MiFID II complexity classification. The derivatives are used not as the core investment strategy but to manage exposure and currency risk, so 'derivatives' is false per instructions, but 'swaps' is true due to OTC derivative usage. No leverage or inverse exposure is present. The complexity arises mainly from the use of OTC derivatives and counterparty risk, plus the currency hedging structure, which may be difficult for retail investors to fully understand. No capital protection or structured features are present. Costs are straightforward with a TER of 0.28%, no performance fees, and no securities lending. The fund promotes ESG characteristics but does not have a sustainable investment objective. Overall, the fund is complex under MiFID II due to OTC derivative usage and counterparty risk exposure despite physical replication and no leverage.",
    "risk_level_assessment": "The KIID assigns a risk category of 5 (medium-high risk) due to equity volatility and derivative use, while the PRIIPs KID assigns a risk category of 4 (medium risk). This aligns with the fund's equity exposure and derivative usage for hedging, indicating a moderate risk profile consistent with complexity classification."
}