{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Derivative use in replication"
        ],
        "classification": "complex",
        "supporting_data": "The ETF tracks the MSCI ACWI Net Total Return Index.  It uses financial derivative instruments (FDIs) with UBS as a counterparty.  The Index performance is swapped from UBS to the Fund, and the Fund's securities performance is swapped back.  This synthetic replication method introduces complexity.  While the Fund's management company is a regulated subsidiary of UBS, and the ETF itself is a UCITS compliant vehicle, the use of derivatives as an integral part of the investment strategy, specifically the swaps, and associated risks (counterparty, collateral) make it hard for retail investors to understand the fund's true assets and risks. The ETF's objective is capital appreciation and it's deemed suitable for investors prepared to accept high volatility.  The description clearly states that the fund's return reflects the performance of the Index and is not impacted by the performance of securities directly held. This is a key indicator of the synthetic replication method, a complex strategy in itself. This reliance on swaps, with UBS as a counterparty, also introduces counterparty risk, further adding to the complexity."
    }
}