{
    "fund_name": "UBS MSCI Canada UCITS ETF",
    "fund_type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The KIID and fact sheet confirm this is a physically replicated ETF tracking the MSCI Canada Index. The fund uses direct investments in securities rather than derivatives, with no leverage or synthetic replication. The risk profile is rated 6/7, but this reflects equity market volatility rather than structural complexity. The fact sheet explicitly states 'Physical (Full replicated)' methodology. No swap agreements or derivative instruments are mentioned beyond standard risk disclosures. The UCITS compliance and physical replication make this a straightforward, non-complex product.",
    "confidence": 95
}