{
    "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 (Irl) ETF plc - MSCI USA UCITS ETF is a physically replicated ETF that tracks the MSCI USA Index. The KIID and PRIIPs documents confirm it uses physical replication ('full replication') with no mention of synthetic replication, swaps, or leverage. The fund's investment objective is straightforward: to replicate the index's performance. The risk profile is rated 6 (high volatility), but this is typical for equity ETFs and does not indicate complexity. The fund does not use derivatives for leverage or inverse exposure, and the underlying assets (equities) are liquid and transparent. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification. The fact sheet confirms physical replication and lists no complex strategies. The only derivative-related mention is for potential use in 'exceptional circumstances' (e.g., reducing costs), but this is standard for ETFs and does not trigger complexity under MiFID II. The fund is UCITS-compliant, which aligns with non-complex classification.",
    "confidence": 95
}