{
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency hedging via derivatives",
        "Potential use of OTC derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication but employs currency forwards (a type of derivative) for hedging purposes, which introduces counterparty risk. The KIID explicitly mentions the use of derivatives for hedging and potential OTC derivatives, which are complexity indicators under MiFID II. While the fund is UCITS-compliant and physically replicated, the use of derivatives for hedging and the mention of OTC derivatives elevate it to a complex classification. The risk category of 6 also suggests higher complexity.",
    "confidence": 85,
    "counter_argument": "The fund could be argued as non-complex due to its primary physical replication and straightforward equity exposure. However, the explicit use of derivatives for hedging and the potential for OTC derivatives outweigh this, as MiFID II considers even hedging derivatives as a complexity factor when they introduce material counterparty risk or require additional investor understanding.",
    "risk_level": 6,
    "currency_hedging": true,
    "benchmark_complexity": "low",
    "liquidity": "high",
    "transparency": "high"
}