{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Currency hedging via derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to track the MSCI World Index, which introduces counterparty risk and complexity beyond physical replication. While it does not use leverage or inverse strategies, the swap-based structure and currency hedging via derivatives make it complex under MiFID II. The KIID explicitly mentions derivative risk, counterparty risk, and the use of financial contracts (derivatives) to manage currency exposure, which are key complexity indicators. The PRIIPs KID and factsheet confirm the use of indirect replication (swap) and highlight counterparty risk as a significant factor. The fund's risk profile (category 6) and the need for specialized knowledge to understand swap-based replication further support the complex classification.",
    "confidence": 90
}