{
    "fund_name": "UBS (Irl) ETF plc - MSCI USA hedged to CHF UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Potential counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA 100% hedged to CHF Index, which is a straightforward equity index. While it may use derivatives for currency hedging, this is a common and transparent practice in hedged ETFs. The fund does not use leverage, inverse strategies, or synthetic replication. The risk profile is clearly stated as 'high' (risk category 6), and the use of derivatives is disclosed transparently. The fact sheet confirms physical replication with full replication of the index. The only potential complexity factor is the currency hedging via derivatives, but this is standard practice and does not make the fund inherently complex under MiFID II. The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 90
}