{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers Switzerland UCITS ETF (ISIN: LU0943504760) is a physically replicated ETF tracking the Solactive Swiss Large Cap Index (NTR). The KIID and factsheet confirm it uses direct replication of the underlying securities, with no indication of synthetic replication, leverage, or inverse strategies. While the fund may use derivatives for efficient portfolio management (e.g., reducing costs or managing risk), this is explicitly permitted under MiFID II without triggering complexity, provided the derivatives are not used to alter the fund's risk profile materially. The factsheet further clarifies that the fund employs 'Direct Replication (physically),' reinforcing its non-complex nature. The risk level (category 6) is due to the volatility of Swiss equities, not structural complexity. No capital protection features, illiquid assets, or structured products are present. The fund is UCITS-compliant, enhancing its transparency and investor protections.",
    "confidence": 95
}