{
    "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 Europe UCITS ETF (hedged to CHF) is a UCITS-compliant ETF that primarily uses physical replication (full replication) of the MSCI Europe 100% hedged to CHF Index. The KIID and PRIIPs KID documents confirm that the fund invests directly in the underlying securities of the index, with derivatives used only occasionally to gain exposure when direct replication is impracticable or to achieve currency hedging. The use of derivatives is limited and primarily for risk management or efficiency, not as an inherent part of the investment strategy, and the fund does not employ leverage or inverse exposure. The fund does not use synthetic replication or swap agreements as a core strategy, and there is no mention of funded or unfunded swaps or significant counterparty risk beyond standard collateral policies. The risk profile is medium (4 out of 7) in the PRIIPs KID and 6 out of 7 in the KIID, reflecting equity market volatility rather than structural complexity. Costs are straightforward with a low TER (0.13%) and no performance fees or complex fee structures. The monthly factsheet confirms physical full replication, no leverage, and no complex underlying assets such as contingent convertible bonds or CLOs. There are no capital protection or structured features. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent equity securities, and uses derivatives only for hedging or operational efficiency, not as a fundamental element of the strategy. Therefore, under MiFID II, this ETF is classified as non-complex."
}