{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Quantitative models",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares World Equity Enhanced Active ETF is a UCITS-compliant, physically replicated ETF that primarily invests in equities and uses derivatives for efficient portfolio management (EPM) rather than as a core strategy. While it employs quantitative models and may use derivatives for risk reduction or cost efficiency, these do not introduce significant complexity. The fund does not use leverage, inverse strategies, or synthetic replication. The counterparty risk from derivatives is disclosed but is not a primary driver of returns. The risk level (6) is high due to equity market exposure rather than structural complexity. The fund's active management and ESG screening do not inherently make it complex under MiFID II.",
    "confidence": 85,
    "counter_argument": "Some may argue that the use of quantitative models and derivatives could introduce complexity. However, these are used for risk management and cost efficiency rather than as a primary investment strategy, and the fund remains transparent in its equity holdings. The absence of leverage, inverse strategies, or synthetic replication supports the non-complex classification.",
    "risk_level": 6,
    "primary_reasoning": "The fund is physically replicated, does not use leverage or synthetic replication, and employs derivatives only for EPM purposes. The primary risks stem from equity market exposure rather than structural complexity."
}