{
    "fund_name": "Xtrackers MSCI World Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Select Screened Index, which is a straightforward equity index. While the KIID mentions the potential use of derivatives for risk management and cost reduction, this is a common practice for efficient portfolio management (EPM) and does not introduce complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile (category 6) is due to the inherent volatility of global equities, not structural complexity. The ESG screening criteria are transparent and do not introduce additional complexity. The fund's documentation clearly states its investment objective, risks, and costs, making it understandable for retail investors.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives for risk management could introduce complexity. However, the derivatives are used in a limited and transparent manner for EPM, which is explicitly excluded from the complexity assessment under MiFID II. The fund's physical replication and clear risk disclosures further support its classification as non-complex.",
    "risk_level": 6,
    "esg_screening": true,
    "securities_lending": true,
    "tracking_error": "1%",
    "currency": "USD",
    "distribution_frequency": "up to four times per annum"
}