{
    "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. The KIID explicitly states the fund invests in financial derivative instruments (FDIs) and that performance depends on the swap counterparty's ability to perform. While the index (MSCI ACWI SF) is broadly diversified, the synthetic structure and swap exposure make the product more complex than a physically replicated ETF. The PRIIPs KID and fact sheet confirm the use of a fully funded total return swap, which while mitigating some counterparty risk, still requires understanding of collateral management and swap mechanics. The fund's risk profile (category 6) and disclosures about counterparty risk further support the complex classification. The fact that the fund is UCITS-compliant does not automatically make it non-complex, as UCITS rules allow for synthetic replication under certain conditions.",
    "confidence": 90
}