{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Switzerland 20/35 UCITS ETF",
    "investment_objective": "Passive replication of the MSCI Switzerland 20/35 Index (Net Return), aiming to replicate price and yield performance",
    "primary_asset_class": "Equity",
    "geographic_focus": "Switzerland",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical full replication of the MSCI Switzerland 20/35 Index, investing directly in the underlying equities. The KIID and PRIIPs KID both confirm that derivatives may be used only occasionally for efficiency or where direct replication is impracticable, but this is not an inherent part of the strategy and derivative use is limited and risk mitigated by collateral policies. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund is UCITS compliant, with a straightforward index-tracking objective, investing in liquid, transparent Swiss equities. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to equity volatility), but no leverage or inverse exposure is present. Costs are simple with a TER of 0.20%, no performance fees, and no complex fee structures. The factsheet confirms physical replication and no use of synthetic instruments. No capital protection or structured features are present. Counterparty risk is minimal and related only to limited OTC derivative use for efficiency, not as a core strategy. No complex underlying assets such as contingent convertible bonds or CLOs are held. Therefore, the ETF does not meet MiFID II criteria for complexity."
}