{
    "fund_name": "UBS (Irl) ETF plc - MSCI USA hedged to CHF UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA 100% hedged to CHF Index, with no evidence of leverage, inverse strategies, or synthetic replication. While derivatives may be used for risk reduction or cost efficiency, they are not a core part of the investment strategy. The fund is UCITS-compliant, has a straightforward index-tracking objective, and invests directly in liquid equities. The risk profile (category 6) is due to equity market volatility rather than structural complexity. The KIID and factsheet confirm physical replication and no material derivative exposure beyond standard hedging.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of currency forwards for hedging introduces complexity. However, under MiFID II, currency hedging in a physically replicated ETF is generally not considered a complex feature, as it is a standard practice for managing currency risk in international equity ETFs. The derivatives are used for efficient portfolio management rather than as a primary investment strategy.",
    "risk_level": 6,
    "additional_notes": "The ETF is classified as non-complex due to its physical replication, lack of leverage or inverse exposure, and straightforward investment objective. The use of derivatives is limited to hedging and risk management, which does not trigger complexity under MiFID II. The fund's transparency, liquidity, and UCITS compliance further support this classification."
}