{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Tabula US Enhanced Inflation UCITS ETF (USD) - CHF Hedged Accumulating",
    "investment_objective": "Track the Bloomberg US Enhanced Inflation Index, providing exposure to US Treasury Inflation Protected Securities (US TIPS) and US Breakeven Inflation Rate",
    "primary_asset_class": "Bond (US TIPS and nominal US Treasury bonds)",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses a synthetic replication method combining physical holdings of US TIPS with OTC Total Return Swaps to gain exposure to the US Breakeven Inflation Rate. The KIID and PRIIPs KID explicitly mention the use of OTC Total Return Swaps, counterparty risk, and derivative counterparty risk. The fund receives the return of the US Breakeven Inflation Rate via swap agreements, paying an agreed rate to the swap counterparty (BNP Paribas). The fund is UCITS compliant but the use of unfunded swaps and counterparty exposure introduces complexity. The risk profile is moderate (risk category 3-4), but the product is described as 'not simple and may be difficult to understand' in both KIID and PRIIPs KID. The factsheet confirms physical replication combined with swap overlay, confirming synthetic replication. There is no leverage or inverse exposure, but the presence of swaps and counterparty risk drives the classification as complex under MiFID II. No capital protection or structured features are present. Costs are straightforward with no performance fees but include swap-related costs implicitly. The complexity arises mainly from the synthetic replication via OTC swaps and counterparty risk, which may be difficult for retail investors to fully understand, fulfilling MiFID II complexity criteria.",
    "risk_level_assessment": "The fund has a risk rating of 3-4 (moderate), reflecting the nature of its underlying assets and derivative use. While not highly leveraged or volatile, the presence of OTC swaps and counterparty risk elevates complexity despite a moderate risk profile."
}