{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps for synthetic replication, which introduces counterparty risk and complexity beyond physical replication. While the index (MSCI World) is relatively straightforward, the use of swaps and the potential for tracking error due to counterparty performance make this a complex product under MiFID II. The PRIIPs KID and factsheet confirm the synthetic replication method and swap usage, reinforcing the complexity classification. The risk category (6/7) and disclosures about counterparty risk further support this determination.",
    "confidence": 90
}