{
    "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) through direct investments in component securities and/or derivatives to gain exposure or generate efficiencies.",
    "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 is a UCITS-compliant equity fund that tracks the MSCI Switzerland 20/35 Index using predominantly physical full replication, as confirmed by the fund fact sheet. The KIID and PRIIPs KID mention that derivatives may be used only where direct replication is not possible or to generate efficiencies, but this is limited and for risk management or operational purposes rather than as a core strategy, so derivatives are not considered inherent to the strategy. There is no mention of synthetic replication, swap agreements, funded or unfunded swaps, or counterparty risk beyond standard collateral policies. No leverage, inverse or amplified return features are present. The risk rating is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity volatility, not complexity). The fund invests directly in liquid, transparent Swiss equities with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a low TER of 0.20% and no performance fees or swap fees. The fund uses physical replication with minimal derivative use for operational efficiency only. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical full replication and no synthetic or swap-based replication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}