{
    "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 confirm that derivatives may be used only occasionally and primarily for efficiency or where direct replication is impracticable, but this use is limited and does not constitute an inherent element of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to equity volatility), consistent with a straightforward equity index tracking fund. Costs are simple, with a low ongoing charge (0.20%) and no performance fees or swap fees. The monthly factsheet confirms physical full replication, no leverage, and no complex derivative usage. There are no capital protection or structured features. Counterparty risk is minimal and only related to limited OTC derivative use for efficiency, mitigated by collateral policies. 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 straightforward risk factors, supporting a non-complex classification under MiFID II."
}