{
    "fund_name": "UBS MSCI ACWI SF UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a swap agreement with UBS AG as the counterparty, which introduces counterparty risk and complexity. The KIID explicitly mentions the use of financial derivative instruments (FDIs) and the swap structure, where the performance of the Index is swapped from UBS to the Fund. The risk profile is rated at level 6, indicating higher risk, and the presence of counterparty risk is highlighted as a significant risk factor. The fact sheet confirms the synthetic replication methodology and the use of collateral in the form of G10 government bonds, supranational bonds, and cash.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "capital_protection": false,
    "underlying_asset_complexity": false,
    "liquidity_risk": true,
    "cost_structure": "The ETF has a straightforward cost structure with an ongoing charge of 0.21% and no performance fee, but the use of derivatives and swaps adds complexity to the overall cost assessment."
}