{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None identified",
    "classification": "non-complex",
    "supporting_data": "The UBS Core MSCI USA hEUR UCITS ETF is a UCITS-compliant, physically replicating ETF tracking a transparent, well-documented equity index (MSCI USA 100% hedged to EUR Index). It holds the underlying securities in the same proportions as the index, making its structure and risks straightforward for retail investors. While the fund may use derivatives for efficient portfolio management (EPM) and currency hedging, such use is limited, incidental, and not central to the investment strategy. There is no evidence of synthetic replication, embedded derivatives, significant leverage, or complex features such as contingent convertible bonds, swaps, or complex indices. The fundu2019s risk profile (category 6) reflects market volatility, not structural complexity. All UCITS are automatically non-complex under MiFID II unless they are structured UCITS or fail Article 57 criteriau2014neither applies here. The fundu2019s documentation is comprehensive and publicly available, supporting a non-complex classification[1][2]."
}