{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure to UBS",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps with UBS as counterparty, which introduces counterparty risk. While the fund tracks a broad equity index (MSCI ACWI SF), the synthetic structure and swap-based replication make it complex under MiFID II. The PRIIPs KID and fact sheet confirm the use of derivatives (specifically swaps) for replication, and the KIID highlights counterparty risk as a material risk. The fund is UCITS-compliant, but the synthetic structure and swap exposure trigger the 'complex' classification. The fact sheet also mentions collateral management (G10 government bonds and cash), adding another layer of complexity. While the underlying index is straightforward, the replication method and counterparty risk make this ETF complex for retail investors.",
    "confidence": 90
}