{
    "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 - UBS Factor MSCI USA Low Volatility UCITS ETF (USD) A-dis (ISIN: IE00BX7RQY03) is a physically replicated ETF that tracks the MSCI USA Select Dynamic 50% Risk Weighted Index. The KIID and fact sheet confirm it uses physical replication ('full replication') and does not employ synthetic methods or derivatives for tracking. While the KIID mentions derivatives may be used for risk reduction or generating additional capital/income, this appears to be for efficient portfolio management rather than core strategy. The fund holds equities directly and does not exhibit leverage, inverse exposure, or complex structured features. The risk profile (category 6) reflects equity market volatility but does not indicate complexity beyond standard equity risk. The PRIIPs KID and fact sheet reinforce this, showing no leverage, swaps, or inverse strategies. The index itself is a straightforward low-volatility equity index, and the fund's UCITS compliance further supports its non-complex status.",
    "confidence": 95
}