{
    "name": "iShares MSCI World Screened UCITS ETF GBP Hedged (Dist)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency Hedging via FDIs",
        "ESG Screening Complexity"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the MSCI World Screened Index, which is a well-established, transparent benchmark. While it employs FX forward contracts (FDIs) for currency hedging, this is a common practice for hedged share classes and is considered standard for efficient portfolio management (EPM) rather than a complex strategy. The ESG screening criteria, though detailed, do not introduce complexity beyond standard equity ETF structures. The risk level (6) is typical for global equity ETFs, and the counterparty risk is limited to hedging purposes. The absence of leverage, inverse strategies, or synthetic replication supports the non-complex classification.",
    "confidence": 90,
    "counter_argument": "Some might argue that the ESG screening and currency hedging introduce complexity. However, ESG criteria are clearly disclosed, and FX hedging is a standard feature in many ETFs, not a sophisticated strategy. The overall structure remains transparent and suitable for retail investors.",
    "risk_level": 6,
    "benchmark_complexity": "low",
    "holding_complexity": "low",
    "liquidity": "high",
    "counterparty_risk": "limited to hedging",
    "esg_screening": true
}