{
    "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",
        "Complex index methodology (MSCI Switzerland 20/35)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication (as confirmed in the fact sheet) and follows a straightforward index-tracking strategy. While it does use derivatives for currency hedging, this is a common practice in UCITS-compliant ETFs and doesn't significantly alter the risk profile. The index itself is a standard market-cap-weighted equity index, and the fund's risk profile (category 6) is clearly disclosed. The use of derivatives here appears to be for efficient portfolio management rather than creating complexity. The fact sheet confirms physical replication, and the KIID mentions derivative usage only for currency hedging, which is standard practice. The fund's risk profile is clearly communicated, and there are no signs of leverage, inverse strategies, or other complexity triggers.",
    "confidence": 90
}