{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swap",
        "Counterparty risk exposure",
        "Collateralized swap structure"
    ],
    "classification": "complex",
    "supporting_data": "The UBS MSCI ACWI SF UCITS ETF uses synthetic replication through a fully funded total return swap with UBS AG as the counterparty. The Fund's performance is achieved by swapping the index return from UBS to the Fund, while the Fund swaps the performance of its securities back to UBS. This swap structure is explicitly described as fully funded and collateralized with G10 government bonds, supranational bonds, and cash, indicating counterparty exposure and derivative use as an inherent part of the investment strategy rather than for risk management. The KIID and PRIIPs KID both highlight the use of financial derivative instruments (FDIs) and counterparty risk as a material risk factor. The risk profile is medium (4 out of 7) in PRIIPs but higher (6 out of 7) in the KIID, reflecting the complexity and risks associated with the swap. There is no leverage or inverse exposure, and the underlying assets include equities and bonds, but the synthetic swap structure and counterparty risk are the main complexity drivers. The fund is UCITS compliant but the synthetic replication and swap usage classify it as complex under MiFID II. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap fees are implicit in the total expense ratio. The PRIIPs KID does not carry a specific comprehension warning but the swap and counterparty risk disclosures confirm complexity. The fund tracks a broad, liquid equity index (MSCI ACWI) but the synthetic replication method and counterparty risk elevate the complexity classification."
}