{
    "name": "UBS MSCI Switzerland 20/35 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative Usage",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication but explicitly states it may use derivatives, particularly when direct investment is impractical. The KIID mentions 'derivative trading costs' and 'counterparty risk,' which are mitigated but not eliminated. The fund's risk category is 5, indicating high volatility. While the primary method is physical replication, the potential use of derivatives for index tracking and the presence of counterparty risk introduce complexity. The fact sheet confirms physical replication but does not rule out derivative usage for specific purposes.",
    "confidence": 85,
    "risk_level": 5,
    "counter_argument": "The ETF is UCITS-compliant and primarily uses physical replication, which typically suggests non-complex classification. The derivatives are used for efficient portfolio management rather than leverage or speculative purposes.",
    "override_reason": "The explicit mention of derivative usage and counterparty risk, even if mitigated, introduces elements that require specialist knowledge to fully understand. The high-risk category (5) and the potential for derivative-related costs and risks justify the 'complex' classification under MiFID II."
}