{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) Fund Solutions plc - UBS MSCI ACWI SF UCITS ETF",
    "investment_objective": "Capital appreciation by tracking the MSCI ACWI Net Total Return Index (equity index)",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (Developed and Emerging Markets)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swap",
        "Counterparty risk exposure to UBS AG",
        "Use of financial derivative instruments (FDIs)",
        "Currency hedging",
        "Swap collateralization with government bonds and cash"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through a fully funded total return swap with UBS AG as counterparty, as explicitly stated in the KIID and confirmed by the factsheet. The Fund invests in financial derivative instruments (FDIs) to swap the performance of the MSCI ACWI Net Total Return Index to the Fund, rather than directly purchasing all underlying securities. The swap is fully funded and collateralized with G10 government bonds, supranational bonds, and cash, but the Fund remains exposed to counterparty risk from UBS. The risk profile is high (category 6 in KIID), reflecting volatility and counterparty risk. There is no leverage or inverse exposure, and the Fund is UCITS compliant. The PRIIPs KID rates the risk as medium (4/7) but notes counterparty and currency risks. The synthetic replication and swap usage are the primary drivers of complexity under MiFID II, as they introduce derivative counterparty risk and reduce transparency compared to physical replication. The Fund does not use leverage or complex structured products, but the synthetic swap structure and counterparty exposure classify it as complex. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap-related costs are embedded. Overall, the synthetic replication via total return swaps and counterparty risk are the key complexity factors making this ETF complex under MiFID II rules."
}