{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps to achieve its investment objective, which introduces counterparty risk and reliance on derivative instruments. The KIID explicitly states that the Fund will use unfunded swaps to exchange the performance of securities not in the index for the performance of the MSCI World Index. This synthetic replication method, combined with the explicit mention of derivative-related risks (e.g., counterparty risk, swap pricing spread risk), and the risk category of 6, indicates complexity under MiFID II. The PRIIPs document reinforces this by highlighting the reliance on counterparties and the potential for financial loss due to swap agreements. The factsheet further confirms the synthetic replication method and the use of swaps, which are key indicators of complexity.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": true,
    "benchmark_complexity": false,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the use of synthetic replication via unfunded swaps is sufficient to classify it as complex under MiFID II. The counterparty risk and the reliance on derivatives for tracking the index are the primary drivers of this classification. The risk level of 6 further supports this assessment, as higher risk levels often correlate with complexity."
}