{
    "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 (MSCI ACWI)",
        "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 itself is not leveraged or inverse, the use of derivatives for replication and currency hedging adds complexity. The MSCI ACWI index is a broad global equity index with over 2,400 constituents, which may be difficult for retail investors to fully understand. The fund's risk profile is rated 6/7, indicating high risk. The fact that the fund is UCITS-compliant does not automatically make it non-complex under MiFID II, as synthetic replication with counterparty risk is a key complexity factor.",
    "confidence": 85
}