{
    "fund_name": "Xtrackers MSCI AC World Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI ACWI Select Screened Index, which is a rules-based index excluding companies based on ESG criteria. While the KIID mentions the use of derivatives for currency hedging and efficient portfolio management, these are standard practices for UCITS-compliant ETFs and do not inherently make the product complex under MiFID II. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile (category 6) is high due to market exposure rather than structural complexity. The ESG screening and carbon emission reduction rules, while sophisticated, are transparent and do not introduce additional complexity beyond standard equity ETFs. The fund's liquidity, transparency, and straightforward investment objective further support its non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of derivatives for currency hedging could introduce complexity. However, this is a common practice in UCITS ETFs and is explicitly permitted under MiFID II for non-complex instruments when used for risk management rather than as a core strategy. The derivatives are not used to amplify returns or create non-linear payoffs, which are key triggers for complexity under MiFID II."
}