{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The UBS Factor MSCI USA Low Volatility UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index (MSCI USA Select Dynamic 50% Risk Weighted Index). UCITS ETFs are generally presumed non-complex under MiFID II, unless they use synthetic replication, embed derivatives, or have other features that make their structure or risks difficult for retail investors to understand[1]. This ETF uses physical replication, holding the underlying securities in proportions mirroring the index, which is a straightforward and transparent approach. While the fund may use derivatives for efficient portfolio management (EPM) in exceptional circumstances, such use is limited and not central to the investment objectiveu2014derivatives are not used for synthetic replication or to achieve leveraged or inverse returns. The fundu2019s risk profile (category 6) reflects equity market volatility, not structural complexity. There is no evidence of embedded derivatives, contingent convertible bonds, swaps, or other complex features. The fundu2019s structure, risks, and objectives are clearly disclosed and can be readily understood by retail investors with basic knowledge. Therefore, the ETF meets all criteria for non-complex classification under MiFID II Article 25(4) and Article 57 of the Delegated Regulation[1]."
}