{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions - MSCI United Kingdom UCITS ETF is a UCITS-compliant ETF that primarily uses physical (full) replication of the MSCI United Kingdom Index, investing directly in the underlying equities. The KIID and PRIIPs KID documents indicate that derivatives may be used only occasionally and for efficiency or where direct replication is impracticable, but this is not an inherent part of the investment strategy. There is no mention of synthetic replication, funded or unfunded swaps, or total return swaps. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID, reflecting equity market volatility rather than complexity). The monthly factsheet confirms physical replication, no use of swaps, and no leverage. Costs are straightforward with a TER of 0.20%, no performance fees, and no complex fee structures. There are no complex underlying assets such as contingent convertible bonds or CLOs. Counterparty risk from OTC derivatives is mentioned as a possibility but is mitigated by collateral policies and is not a core feature. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no structural complexity. Therefore, under MiFID II, this ETF is classified as non-complex."
}