{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Factor MSCI EMU Prime Value Screened UCITS ETF",
    "investment_objective": "Passive replication of MSCI EMU Prime Value Advanced Target Select Index (Net Total Return) via direct investments in all or substantially all component securities and/or derivatives for efficiency",
    "primary_asset_class": "Equity",
    "geographic_focus": "European Economic and Monetary Union (EMU) countries",
    "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 EMU Prime Value Advanced Target Select Index using full physical replication as confirmed by the factsheet. The KIID and PRIIPs KID mention that derivatives may be used only where direct replication is not possible or to generate efficiencies, but this is limited and for risk management or operational purposes rather than as a core strategy, so derivatives are not considered inherent to the investment strategy. There is no mention of synthetic replication, swap agreements, funded or unfunded swaps, or counterparty risk beyond standard collateral policies. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to equity volatility), consistent with a standard equity ETF. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The underlying assets are liquid large and mid-cap European equities with no complex structured products or contingent bonds. The PRIIPs KID states the product is 'not simple and may be difficult to understand' but this is a standard regulatory caution for equity ETFs and does not reflect structural complexity such as synthetic replication or leverage. The factsheet confirms no securities lending and no use of swaps. Overall, the ETF exhibits physical replication, minimal derivative use for operational efficiency, no leverage, no complex underlying assets, and no capital protection or structured features, leading to a non-complex classification under MiFID II criteria."
}