{
    "fund_name": "UBS (Irl) ETF plc - UBS MSCI USA Select Factor Mix UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Factor-based index complexity",
        "Quantitative portfolio optimization"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with a sampling strategy to track the MSCI USA Select Factor Mix Index, which is a factor-weighted index. While the index itself is complex (combining six factors: momentum, value, quality, shareholder yield, volatility, and size), the ETF's straightforward physical replication method and lack of leverage, swaps, or inverse strategies mitigate complexity. The fund does not use derivatives for leverage or amplification, and its risk profile (category 6) is clearly disclosed. The only potential complexity stems from the factor-based index construction, but this does not trigger a 'complex' classification under MiFID II, as the ETF remains transparent and liquid. The absence of synthetic replication, capital protection features, or contingent bonds further supports the non-complex determination.",
    "confidence": 90
}