{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Ossiam Shiller Barclays CAPE\u00ae Global Sector Value UCITS ETF 1C (USD)",
    "investment_objective": "Replicate the performance of the Shiller Barclays CAPE\u00ae Global Sector Net TR Index using synthetic replication primarily via swaps.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global equity sectors with companies domiciled mainly in OECD countries",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via funded swap agreements",
        "Counterparty risk exposure to Barclays",
        "Use of derivatives for index exposure",
        "Complex index methodology involving dynamic sector selection based on CAPE ratio"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses synthetic replication primarily through swap agreements with Barclays, a first-class financial institution, to track the Shiller Barclays CAPE\u00ae Global Sector Net TR Index. This exposes investors to counterparty risk, explicitly disclosed in the KIID and PRIIPs KID. The replication method is not physical but synthetic, involving funded swaps. The index tracked is complex, involving dynamic monthly sector selection based on the Cyclically Adjusted Price Earnings (CAPE) ratio, which may be difficult for retail investors to understand. The risk and reward profile is high (6 out of 7) in the KIID, indicating significant volatility and complexity. The PRIIPs KID confirms the use of swaps and counterparty risk, and the fund is UCITS compliant. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the strategy, not just for hedging, so derivatives are marked true only in the context of synthetic replication. Costs include a TER of 0.65% and swap-related fees implied by the synthetic structure. The fund is recommended for investors with a minimum 5-year horizon and a high risk tolerance. The complexity arises mainly from the synthetic replication via swaps and the complex index construction, which may impair retail investors' understanding and suitability under MiFID II rules."
}