{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for hedging and replication",
        "Counterparty risk from derivative usage",
        "Complex index tracking (currency-hedged index)",
        "Potential for tracking error due to derivative usage"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses derivatives for hedging and replication purposes, which introduces counterparty risk and potential tracking error. While the primary replication method is physical, the use of derivatives (including swaps) for currency hedging and efficient portfolio management triggers complexity under MiFID II. The fund tracks a complex index (MSCI Switzerland 20/35 100% hedged to EUR), which involves currency hedging through derivative instruments. The KIID and PRIIPs KID mention derivative-related risks, including counterparty risk and potential tracking error, which are key complexity indicators. The fund's risk profile (category 6) and the disclosure of derivative usage in the risk section further support the classification as complex.",
    "confidence": 85
}