{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-dis",
    "investment_objective": "To replicate the price and yield performance of the MSCI Switzerland 20/35 100% hedged to EUR Index (Net Return) through direct investments in component securities and/or derivatives to achieve efficient exposure.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Switzerland",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of OTC derivatives for currency hedging and index replication efficiencies, Counterparty risk exposure",
    "classification": "complex",
    "supporting_data": "The ETF primarily invests in Swiss equities aiming to replicate the MSCI Switzerland 20/35 100% hedged to EUR Index. The replication is described as physical (full replication) in the factsheet, but the KIID and PRIIPs KID documents explicitly state that the fund may use derivatives, including OTC derivatives and currency forwards, to achieve index exposure and currency hedging. The use of OTC derivatives introduces counterparty risk, which is mitigated by collateral policies. Although derivatives are used for efficient exposure and hedging rather than as a core leveraged or inverse strategy, the presence of swaps and counterparty risk triggers MiFID II complexity classification. There is no leverage or inverse exposure, and the fund is UCITS compliant. The risk profile in the KIID is high (risk category 5-6) due to equity volatility, but the PRIIPs KID shows a medium risk (4/7) rating, reflecting the hedging and diversified equity exposure. No capital protection or structured features are present. Costs are straightforward with no performance fees, and the TER is low (0.23%). The complexity arises mainly from the use of OTC derivatives and swap agreements for replication and currency hedging, which may not be easily understood by retail investors, fulfilling MiFID II complexity criteria despite the fund's physical replication approach and straightforward equity investment universe."
}