{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded total return swaps",
        "Counterparty risk exposure from swap agreements",
        "Derivative sensitivity to underlying asset movements"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via unfunded total return swaps to track the MSCI World Index, which introduces counterparty risk and derivative sensitivity. While the fund is UCITS-compliant and has a straightforward equity exposure, the use of swaps for replication (rather than physical securities) triggers MiFID II complexity classification. The KIID explicitly mentions counterparty risk and derivative sensitivity, which are key complexity indicators. The PRIIPs KID and factsheet confirm the swap-based structure and highlight risks associated with derivatives and counterparties. The fund's risk rating (6/7) also suggests higher complexity. While the underlying index is relatively simple (large/mid-cap developed market equities), the synthetic replication method and associated risks make this ETF complex under MiFID II.",
    "confidence": 90
}