{
    "fund_name": "UBS (Irl) Fund Solutions plc - MSCI ACWI SF UCITS ETF (hedged to EUR) A-acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure to UBS",
        "Complex index tracking (MSCI ACWI)",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps with UBS as counterparty, which introduces counterparty risk. The MSCI ACWI index is a complex global equity benchmark with over 2,400 constituents across developed and emerging markets. The currency hedging adds another layer of complexity. While the fund itself is not leveraged or inverse, the combination of synthetic replication and complex index tracking makes this a complex product under MiFID II. The PRIIPs KID and fact sheet confirm the synthetic replication method and counterparty risk, which are key complexity indicators.",
    "risk_level_assessment": "The fund is rated as risk level 6 (highest) in the KIID, which aligns with the complex classification. The counterparty risk and synthetic replication are clearly disclosed as significant risks.",
    "confidence": 90
}