{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS Core MSCI USA UCITS ETF is a physically replicated ETF that tracks the MSCI USA Index. The KIID and fact sheet confirm it uses physical replication ('full replication') with no mention of synthetic replication, swaps, or leverage. The fund's risk profile (category 6) is high due to equity market volatility, but this is inherent to the underlying index and not due to structural complexity. The fund's objective is straightforward: to replicate the index's performance. The fact sheet explicitly states 'Physical (Full replicated) Fund' and shows no derivative usage beyond what might be standard for efficient portfolio management. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The fund's UCITS compliance and transparent structure align with typical non-complex ETFs.",
    "confidence": 95
}