{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swap-based replication",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The Xtrackers MSCI World Swap UCITS ETF uses synthetic replication via swap agreements to track the MSCI Total Return Net World Index. Key complexity indicators include: (1) The explicit mention of 'swap counterparties' and 'derivative instruments' in the KIID, (2) Counterparty risk warnings about potential insolvency of swap providers, (3) The fund's reliance on unfunded swaps for performance tracking, and (4) The risk level classification of 6 out of 7. While the fund does not employ leverage or inverse strategies, the synthetic replication method and associated counterparty risks meet MiFID II's complexity criteria. The factsheet confirms the indirect replication (swap) methodology and highlights the counterparty risk as a key consideration.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "funded_swaps": false,
    "unfunded_swaps": true,
    "comprehension_warning": false,
    "benchmark_complexity": "The MSCI Total Return Net World Index is a standard, widely recognized benchmark with clear methodology, not contributing additional complexity."
}