{
    "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 UCITS ETF's objective is to track the MSCI World Index using an indirect replication methodology, specifically investing in a total return swap. The document explicitly states that 'Derivatives are integral to the Sub-Fund's investment strategies.' According to MiFID II and ESMA guidelines, the use of derivatives, particularly swaps, to replicate an index is a primary indicator of complexity. This is because it introduces risks such as counterparty risk and collateral risk, which are not easily understood by retail investors. While the ETF tracks a well-known equity index and its underlying constituents are generally transparent, the synthetic replication method inherently makes the product complex by design due to the nature of the financial derivative instruments used."
    }
}