{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Complex Index",
        "Currency Hedging via Derivatives",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF tracks the MSCI ACWI Universal Low Carbon Select 5% Issuer Capped with Developed Markets 100% Hedged to CHF Index, which involves complex ESG screening and optimization. While the replication method is physical, the fund uses derivatives for currency hedging (selling foreign currency forwards), introducing counterparty risk. The risk profile (category 6) and disclosures about derivative risks further support the classification as complex. The ETF is UCITS-compliant, but the combination of a complex index, derivative usage, and counterparty risk makes it complex under MiFID II.",
    "confidence": 85
}