{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex ESG index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through total return swaps with counterparties like Morgan Stanley and Societe Generale, which introduces counterparty risk. While the fact sheet mentions 'physical replication', the KIID explicitly states the fund uses OTC swaps for indirect replication. The MSCI World Ex EMU SRI PAB index is complex due to its ESG screening and PAB (Paris-Aligned Benchmark) methodology, which may not be easily understood by retail investors. The presence of swap counterparty risk (limited to 10% of assets) and the synthetic structure trigger MiFID II complexity classification, even though the fund has no leverage or inverse exposure. The risk profile (SRRI 4) is moderate, but the derivative usage and index complexity make it unsuitable for retail investors without specialist knowledge.",
    "confidence": 90
}