{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Factor MSCI USA Quality Screened UCITS ETF",
    "investment_objective": "Passive replication of the MSCI USA Quality Advanced Target Select 100% Hedged to GBP Index (Net Total Return)",
    "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 fund that physically replicates the MSCI USA Quality Advanced Target Select 100% Hedged to GBP Index by direct investment in the underlying securities. The factsheet explicitly states 'Replication methodology: Physical (Full replicated)'. The KIID and PRIIPs KID mention that derivatives may be used only in limited circumstances where direct replication is not practicable or to generate efficiencies, but this is ancillary and for risk management or operational purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. No leverage, inverse, or amplified return features are present. The underlying assets are large and mid-cap US equities, which are liquid and transparent. The risk profile is medium (risk category 4 in PRIIPs KID, 5 in KIID), consistent with equity market volatility, not elevated by complexity. Costs are straightforward with a TER of 0.28%, no performance fees, and no complex fee structures. Counterparty risk is mentioned only in the context of OTC derivatives usage, which is mitigated by collateral policies, but this is minimal and not a core feature. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warning or complexity flag. The factsheet confirms no securities lending and no complex underlying assets such as contingent convertible bonds or CLOs. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure used only for operational efficiency or hedging currency risk. Therefore, under MiFID II, this ETF is classified as non-complex."
}