{
    "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",
        "Derivative-based tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to track the MSCI World Index, which introduces counterparty risk and derivative exposure. While the fund is UCITS-compliant and does not use leverage or inverse strategies, the reliance on swaps for replication makes it complex under MiFID II. The KIID and PRIIPs documents highlight counterparty risk and derivative risks, which are key complexity indicators. The fact sheet confirms 'Indirect Replication (Swap)' as the portfolio methodology, reinforcing the synthetic structure. The absence of a comprehension warning in the PRIIPs document does not override the complexity from swap usage.",
    "confidence": 90
}