{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication (no synthetic swaps or derivatives for replication), 2) It has no leverage or inverse exposure, 3) The investment strategy is straightforward (actively managed equity ETF tracking MSCI World with ESG overlay), 4) The risk profile is transparent (risk rating 6/7 but aligns with global equity market risks), 5) No complex underlying assets (no CoCos, AT1 bonds, or structured products), 6) No capital protection mechanisms, 7) No counterparty risk from derivatives (no swap exposure). The ETF's use of derivatives is limited to efficient portfolio management (currency hedging) and does not create additional complexity. The factsheet confirms no securities lending or swap usage. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}