{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to replicate the MSCI Total Return Net World index using financial contracts (derivatives), specifically mentioning the use of swaps to minimize foreign currency fluctuations. This use of derivatives to achieve its investment objective is a key indicator of complexity under MiFID II rules. While the KID states the ETF is passively managed, the reliance on financial contracts (derivatives) for replication and currency hedging introduces risks such as counterparty risk, which are generally considered difficult for retail investors to understand. The fact that the ETF uses derivatives not solely for efficient portfolio management but as an integral part of its replication strategy leads to a complex classification. The document also states that the fund may use derivatives to manage its investments more efficiently and to reduce movements in currency exchange rates, further cementing the presence of derivatives as a core component of its strategy."
    }
}