{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps with UBS as counterparty, which introduces counterparty risk. While the MSCI ACWI index is broad and diversified, the synthetic structure and swap-based replication make the product more complex than a physically replicated ETF. The KIID and PRIIPs KID highlight counterparty risk and the use of derivatives, which are key complexity indicators under MiFID II. The fact sheet confirms the use of a fully funded swap structure with collateral in G10 government bonds, which mitigates but does not eliminate counterparty risk. The absence of leverage or inverse exposure does not offset the complexity introduced by the synthetic structure.",
    "confidence": 85
}