{
    "fund_name": "UBS (Irl) Fund Solutions plc - MSCI ACWI SF UCITS ETF (hedged to USD) A-UKdis",
    "isin": "IE00BYVDRC61",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure to UBS",
        "Complex index tracking (MSCI ACWI SF)",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap with UBS as counterparty, which introduces counterparty risk. The fund tracks a complex global equity index (MSCI ACWI SF) and employs currency hedging, both of which add layers of complexity. While the fund is UCITS-compliant and has a straightforward capital appreciation objective, the use of derivatives for replication and the counterparty risk exposure make it complex under MiFID II. The PRIIPs KID and fact sheet confirm the synthetic replication and swap usage, which are key complexity indicators. The fund's risk profile (category 6) and the extensive derivative-related disclosures further support this classification.",
    "confidence": 90
}