{
    "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 replication methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to track the MSCI World Index, which introduces counterparty risk and complexity beyond physical replication. While the fund is UCITS-compliant and does not use leverage or inverse strategies, the reliance on derivatives for replication and the associated counterparty risk make it complex under MiFID II. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and references 'counterparty risk' as a material risk, which are key indicators of complexity. The fact sheet confirms the synthetic replication method, further supporting this classification.",
    "confidence": 90
}