{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF, which under MiFID II is automatically presumed non-complex due to strict regulatory requirements ensuring diversification, liquidity, and transparency. The ETF seeks to track the MSCI USA 100% hedged to CHF Index by holding all shares of the index in the same proportions, indicating physical replication. Although the fund may use derivatives for risk reduction, cost reduction, or income generation, these are limited to efficient portfolio management (EPM) purposes and do not form an integral part of the investment strategy. The derivatives use is described as potentially multiplying gains or losses but is not central to the ETF's objective, and the fund may engage in securities lending under UCITS rules with collateral requirements, which does not automatically render it complex. There is no indication of embedded derivatives, synthetic replication, significant leverage, or complex structured products such as CLOs. The risk profile is high due to equity market volatility and currency hedging but does not imply structural complexity. The ETF's structure and risks are transparent and understandable to retail investors with basic knowledge. Therefore, based on MiFID II Article 25(4)(a)(iv) and Article 57 criteria, this UCITS ETF is classified as non-complex."
}