{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI Switzerland 20/35 UCITS ETF is a UCITS-compliant, passively managed ETF that primarily invests in equities of the MSCI Switzerland 20/35 Index. The fund uses physical replication (full replication) of the index components, investing directly in shares and transferable securities. While the KIID and PRIIPs KID mention that derivatives may be used occasionally to gain exposure or for efficiency reasons, this is not an inherent part of the investment strategy but rather a tool to manage practical constraints. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is moderate (risk category 5 in KIID, 4 in PRIIPs KID), consistent with equity market volatility, without additional complexity flags such as contingent bonds or structured products. The fact sheet confirms physical replication and no use of swaps or synthetic structures. Costs are straightforward with a low TER (0.20%) and no performance fees or swap fees. No complex derivative usage or counterparty risk beyond normal securities lending and OTC derivatives used for efficiency with collateral mitigation. No warnings about suitability for retail investors or requirements for special investment knowledge are present. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, investing directly in liquid, transparent securities, and thus is classified as non-complex under MiFID II."
}