{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Swap counterparty exposure"
    ],
    "classification": "complex",
    "supporting_data": "The UBS MSCI ACWI SF UCITS ETF uses a synthetic replication method via a fully funded total return swap with UBS AG, London Branch 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 exposes investors to counterparty risk, explicitly noted in the KIID and fact sheet. The Fund invests in some securities but the core index exposure is obtained through derivatives (swaps), not direct physical replication. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the investment strategy rather than for risk management only, so 'derivatives' is marked false per instructions. The risk profile is medium to high (risk category 5 in KIID, 4 in PRIIPs KID), reflecting counterparty and market risks. Costs are straightforward with no performance fees, but swap fees and counterparty risk are present. The index tracked is broad and liquid, but the synthetic replication and swap usage are key complexity drivers under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not carry a specific comprehension warning but confirms the swap usage and counterparty risk. Therefore, despite a straightforward equity index objective, the synthetic replication via swaps and counterparty exposure classify this ETF as complex under MiFID II rules."
}