{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "derivatives": true,
    "swaps": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an unfunded swap with counterparties (Morgan Stanley Bank AG, Societe Generale), which introduces counterparty risk. While the swap is used for index tracking rather than leverage or inverse exposure, the presence of derivatives and counterparty risk makes it complex under MiFID II. The MSCI World Health Care index is a straightforward equity index, but the synthetic structure and swap usage trigger complexity. The KIID and PRIIPs KID highlight counterparty risk and replication risk, further supporting the complex classification. The fact that the ETF is UCITS-compliant does not negate the complexity due to the derivative-based replication method.",
    "confidence": 90
}