{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "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 over-the-counter swap contract with counterparties (Morgan Stanley Bank AG, Societe Generale), which introduces counterparty risk. The fact sheet explicitly mentions 'Replication risk' and 'Counterparty risk' as key risks. While the index (MSCI World Information Technology) itself is not inherently complex, the use of synthetic replication with derivatives and counterparty exposure makes this ETF complex under MiFID II. The fact that it is UCITS-compliant does not automatically exempt it from being classified as complex, as UCITS rules allow for synthetic replication. The ETF does not use leverage or inverse strategies, but the derivative-based replication method and counterparty risk are sufficient to classify it as complex.",
    "confidence": 90
}