{
    "fund_name": "UBS (Irl) ETF plc - MSCI USA Select Factor Mix UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with a stratified sampling approach to track the MSCI USA Select Factor Mix Index. While the KIID mentions the potential use of derivatives for risk reduction or cost efficiency, there is no indication of synthetic replication, leverage, or complex underlying assets. The risk profile is high (category 6) due to equity market volatility, but this is typical for equity ETFs and does not inherently indicate complexity under MiFID II. The fund does not employ leverage, inverse strategies, or capital protection mechanisms. The use of derivatives is limited to efficient portfolio management (EPM) and not as a core strategy, which aligns with non-complex classification criteria.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "benchmark_complexity": "The MSCI USA Select Factor Mix Index is an alternatively weighted index based on factors like momentum, value, and quality, but it remains a transparent and liquid equity index. The complexity arises from the factor-based methodology rather than illiquid or hard-to-value components."
}