{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for replication",
        "Counterparty risk from swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI Switzerland 20/35 UCITS ETF primarily uses physical replication (as confirmed in the fact sheet) and tracks a straightforward equity index. While it mentions the potential use of derivatives for replication efficiency, the fact sheet explicitly states 'Physical (Full replicated)' as the replication methodology. The KIID notes that derivatives may be used where direct replication is impractical, but this appears to be for operational efficiency rather than strategic complexity. The risk profile is rated 5/7, which is moderate for an equity fund, and there is no leverage or inverse exposure. The use of swaps is disclosed but appears to be for replication purposes rather than speculative strategies. The fund is UCITS-compliant, which typically aligns with non-complex classifications. The fact sheet confirms no leverage or inverse exposure, and the index is a standard equity benchmark. The only potential complexity factor is the counterparty risk from swaps, but this is mitigated by collateral policies and does not appear to significantly alter the fund's risk profile.",
    "confidence": 90
}