{
    "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": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via financial derivative instruments (FDIs) with UBS AG as the counterparty, which introduces counterparty risk and complexity. The KIID explicitly states that the Fund's main investments are FDIs, and the performance is swapped from UBS to the Fund, indicating a reliance on derivatives. Additionally, the risk profile is rated at level 6, and the KIID highlights significant counterparty risk, which is a key indicator of complexity under MiFID II. The fact sheet confirms the use of a fully funded total return swap, further reinforcing the synthetic nature of the replication method.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "capital_protection": false,
    "illiquid_assets": false,
    "structured_features": false,
    "benchmark_complexity": false,
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the reliance on synthetic replication via swaps and the associated counterparty risk are sufficient to classify it as complex under MiFID II. The use of derivatives is not merely for efficient portfolio management but is central to the ETF's replication strategy, which introduces additional risks that may not be easily understood by retail investors."
}