{
    "name": "iShares MSCI World Swap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Unfunded Total Return Swaps",
        "Counterparty Risk",
        "Derivative Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded total return swaps to achieve its investment objective, which introduces counterparty risk and derivative exposure. The KIID explicitly mentions the use of financial derivative instruments (FDIs) and the risks associated with derivatives, including increased volatility and counterparty risk. The risk indicator is rated at level 6, indicating higher risk and complexity. The fact sheet confirms the synthetic replication method and the use of swaps, which are key indicators of complexity under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "The ETF tracks a well-known, broad market index (MSCI World) and is UCITS compliant, which might suggest it is non-complex. However, the use of unfunded swaps and the associated counterparty risk, as well as the high risk rating, outweigh these factors, leading to a classification of complex."
}