{
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Canada UCITS ETF (hedged to GBP) A-dis",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for hedging and potential exposure",
        "Counterparty risk from OTC derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the MSCI Canada 100% hedged to GBP Index. While derivatives are mentioned for hedging and potential exposure, they are not used for leverage or complex strategies. The risk profile is high due to equity exposure, but the structure remains transparent and suitable for retail investors. The KIID and factsheet indicate that derivatives are used for efficient portfolio management rather than as a core strategy, aligning with non-complex criteria under MiFID II.",
    "confidence": 85,
    "risk_level": 6,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "benchmark_complexity": false,
    "additional_notes": "The ETF's use of derivatives is limited to hedging and does not introduce significant additional risk or complexity. The fund's structure and risk profile are consistent with non-complex instruments, despite the high volatility inherent in equity investments."
}