{
    "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",
        "Indirect exposure to underlying assets"
    ],
    "classification": "complex",
    "supporting_data": "The Xtrackers MSCI World Swap UCITS ETF uses synthetic replication via swap agreements to achieve its investment objective, which is a key complexity indicator under MiFID II. The KIID explicitly mentions 'derivatives with one or more counterparties' and 'counterparty risk' as significant risks. While the fund does not use leverage or inverse strategies, the reliance on swaps for replication and the associated counterparty risk make this ETF complex. The PRIIPs KID and factsheet confirm the use of 'indirect replication (swap)' and highlight counterparty risk as a material factor. The fund's risk profile (category 6) and the need for investors to understand swap mechanics further support the complex classification. The fact that the fund does not invest directly in the underlying index components but instead uses derivatives to replicate performance is a clear indicator of complexity.",
    "confidence": 90
}