{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI USA UCITS ETF (hedged to GBP) A-acc",
    "investment_objective": "Passive management to track the MSCI USA 100% hedged to GBP Index (Net Return), investing in mid and large capitalization US equities with currency hedging to GBP.",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA",
    "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 100% hedged to GBP Index, investing directly in the underlying equities. The fund employs currency hedging via foreign currency forwards to reduce currency risk, but this is for risk management rather than an inherent part of the investment strategy, so derivatives usage is not considered complexity-driving. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund does not use leverage or inverse exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 5-6 in KIID), reflecting equity market volatility rather than structural complexity. The fund is UCITS compliant. Costs are straightforward with a low TER of 0.10%, no performance fees, and no complex fee structures. The underlying assets are large and mid-cap US equities, liquid and transparent. The fund may engage in securities lending, but this is common and not a complexity factor under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or leverage. Overall, the fund's structure and strategy are straightforward and transparent, with no elements triggering MiFID II complexity classification."
}