{
    "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 Net Total Return 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 make it a complex instrument under MiFID II. The risk profile is moderate (level 4), but the synthetic structure and derivative usage are key complexity indicators.",
    "confidence": 90
}