{
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-dis",
    "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 for the underlying index (MSCI Switzerland 20/35) and does not employ leverage or inverse strategies. While it does use derivatives for currency hedging, this is a common practice in hedged ETFs and does not significantly alter the risk profile. The fund's risk category (6) is high due to equity market volatility, but this is typical for equity ETFs. The use of derivatives is limited to hedging currency risk and does not introduce complexity beyond what is standard for hedged ETFs. The fund is UCITS-compliant, which implies a higher standard of transparency and investor protection. The fact sheet confirms physical replication, and the KIID does not mention synthetic replication or swap agreements. The primary risk is market risk from equity exposure, which is straightforward and easily understood by retail investors.",
    "confidence": 90
}