{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to track the MSCI World Index, which introduces counterparty risk and derivative exposure. The KIID explicitly mentions the use of over-the-counter total return swaps and highlights counterparty risk as a significant factor. While the ETF does not employ leverage or inverse strategies, the reliance on swaps for replication and the associated counterparty risk (limited to 10% per counterparty under UCITS rules) are key indicators of complexity under MiFID II. The risk profile is rated at level 4, which, while not exceptionally high, still reflects the added complexity from derivative usage. The factsheet confirms the synthetic replication method and the presence of counterparty risk from swaps with Morgan Stanley and Societe Generale.",
    "confidence": 95
}