{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Potential counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method (as confirmed in the fact sheet) and tracks a straightforward equity index (MSCI Switzerland 20/35). While it does use derivatives for currency hedging, this appears to be for efficient portfolio management rather than creating complexity. The risk profile is clearly stated as category 5 (high risk), and the fund's objective is transparent. The use of derivatives is limited to currency hedging, which is a common practice in many ETFs and does not appear to introduce significant complexity. The fund is UCITS-compliant, which typically indicates a higher standard of transparency and investor protection. The fact sheet confirms the replication method is 'Physical (Full replicated)', which further supports the non-complex classification.",
    "confidence": 90
}