{
    "fund_name": "Scalable MSCI AC World Xtrackers UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "hybrid",
    "complex_factors": [
        "Hybrid replication",
        "Derivative usage for index tracking",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses a hybrid replication method, which combines physical replication with derivatives (swaps) to track the MSCI ACWI Index. The KIID explicitly mentions the use of derivatives and counterparty risk, which are key indicators of complexity under MiFID II. Additionally, the presence of counterparty risk and the potential for tracking error due to derivative adjustments contribute to the complexity. While the ETF does not use leverage or inverse strategies, the use of derivatives beyond simple efficient portfolio management (EPM) and the hybrid replication method justify the classification as complex.",
    "confidence": 85,
    "risk_level": 6,
    "counterparty_risk": true,
    "tracking_error_risk": true,
    "liquidity_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "comprehension_warning": false,
    "benchmark_complexity": "The MSCI ACWI Index is a broad, globally recognized index, but the hybrid replication method adds complexity due to the use of derivatives.",
    "additional_notes": "The ETF is UCITS-compliant, which typically implies a higher standard of investor protection, but the use of derivatives and hybrid replication still classifies it as complex under MiFID II. The factsheet confirms the hybrid methodology, reinforcing the complexity assessment."
}