{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Scalable MSCI AC World Xtrackers UCITS ETF",
    "investment_objective": "To reflect the performance of the MSCI ACWI Index, which tracks large and mid-cap equities globally across developed and emerging markets",
    "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",
        "Swap agreements",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via derivatives and swap agreements to achieve index exposure, as explicitly stated in the KIID: 'enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index...'. The replication method is described as 'Hybrid Replication' in the factsheet, which typically involves partial use of swaps. The KIID highlights counterparty risk due to swap counterparties and derivative usage. There is no leverage or inverse exposure. The fund is UCITS compliant. The risk profile is level 6, indicating a relatively high risk consistent with equity market volatility and derivative usage. No capital protection or structured features are present. Costs are straightforward with no performance fees or swap fees explicitly detailed beyond normal management fees. The complexity arises primarily from the synthetic replication and counterparty risk inherent in swap usage, which may not be easily understood by retail investors. The underlying index is broad and transparent, but the use of derivatives and swaps to replicate it makes the product complex under MiFID II rules."
}