{
    "fund_name": "UBS (Irl) ETF plc - MSCI USA Select Factor Mix UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Factor-based weighting)",
        "Potential derivative usage for risk reduction/cost efficiency"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling to track the MSCI USA Select Factor Mix Index, which is a complex factor-based index. While the KIID mentions potential derivative usage for risk reduction or cost efficiency, there is no indication of synthetic replication, leverage, or inverse strategies. The fund is UCITS-compliant, has a straightforward equity exposure, and the derivatives usage appears to be for efficient portfolio management rather than creating additional complexity. The risk profile is clearly disclosed as high volatility (risk category 6), but this does not inherently make the product complex under MiFID II. The fact sheet confirms physical replication and no swap usage, reinforcing the non-complex classification.",
    "confidence": 90
}