{
    "name": "UBS 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 via stratified sampling to track the MSCI USA Select Factor Mix Index. While it may use derivatives for risk reduction, cost efficiency, or currency hedging, these are not core to its strategy and do not introduce significant complexity. The index itself is a factor-based index but remains transparent and rules-based. The risk level (category 6) is high due to equity market volatility, not structural complexity. The KIID and factsheet do not indicate synthetic replication, leverage, or complex underlying assets. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that factor-based indices or the use of derivatives for hedging could introduce complexity. However, factor investing is now widely understood, and the derivatives usage is limited to risk management rather than speculative purposes. The fund's transparency, liquidity, and straightforward replication method outweigh these concerns.",
    "risk_level": 6,
    "underlying_assets": "US equities (large-, mid-, and small-cap) weighted by factors (momentum, value, quality, shareholder yield, volatility, size).",
    "currency_hedging": true,
    "sustainability_risks": "Not systematically integrated."
}