{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "swaps": true,
        "derivatives": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Total Return Swaps",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is classified as complex because it aims to achieve its investment objective through indirect replication by entering into one or more over-the-counter total return swaps. This reliance on derivative instruments, specifically total return swaps, introduces inherent complexities such as counterparty risk and collateral risk, which are difficult for retail investors to fully understand. While the underlying index is a standard benchmark (MSCI World Net Total Return), the synthetic replication method itself triggers the complex classification according to MiFID II rules, as it relies on financial derivative instruments to achieve its performance replication. The KID explicitly mentions 'Counterparty risk' and 'Risk related to the use of derivative instruments' as particular risks for the UCITS, further supporting this classification."
    }
}