{
    "fund_name": "UBS (Irl) ETF plc - MSCI USA hedged to EUR UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Potential use of derivatives for risk reduction or cost efficiency"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA 100% hedged to EUR Index, which is a straightforward equity index. While the KIID mentions the potential use of derivatives for hedging currency risk and other purposes, the fact sheet confirms the fund uses physical replication (full replication). The derivatives mentioned are likely for currency hedging (selling foreign currency forwards at one-month forward rates), which is a common and transparent practice in hedged ETFs. The risk profile is rated as '6' (high risk), but this is typical for equity ETFs and does not indicate complexity. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The fund's objective is clear, and the risks are well-documented and typical for an equity ETF.",
    "confidence": 90
}