{
    "fund_name": "iShares World Equity High Income Active UCITS ETF USD (Dist)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivatives for income generation",
        "Quantitative models",
        "Counterparty risk from derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses derivatives (call options, futures, and swaps) for income generation, which introduces counterparty risk and complexity beyond simple physical replication. The quantitative models used for stock selection add another layer of complexity. While the ETF is UCITS-compliant and primarily uses physical replication, the active use of derivatives for income generation and the reliance on quantitative models make it complex under MiFID II rules. The risk level is rated 5, indicating higher risk, and the KIID explicitly mentions counterparty risk from derivatives.",
    "confidence": 85,
    "counter_argument": "The ETF could be argued as non-complex due to its UCITS compliance, physical replication, and lack of leverage. However, the active use of derivatives for income generation and the reliance on quantitative models outweigh these factors, making it complex under MiFID II.",
    "risk_level": 5,
    "esg": true,
    "benchmark": "MSCI World Index",
    "geographic_focus": "Developed markets",
    "sector_focus": "Equity",
    "distribution_frequency": "Quarterly",
    "currency": "USD",
    "ongoing_charges": 0.35,
    "performance_fee": false,
    "securities_lending": true,
    "securities_lending_revenue_sharing": "62.5% to the fund, 37.5% to BlackRock"
}