{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Active management, ESG screening, use of derivatives for efficient portfolio management, currency hedging",
    "classification": "non-complex",
    "supporting_data": "This UCITS ETF is actively managed and primarily invests in a global portfolio of equity securities, aiming to outperform the MSCI World Index. It may use financial derivative instruments for efficient portfolio management (EPM) purposes, such as hedging currency risk, but not as a core part of its investment strategy. The ETF does not use leverage beyond UCITS limits, does not employ synthetic replication or swaps, and does not have inverse or leveraged features. The use of derivatives is limited to risk management and does not introduce significant counterparty or collateral risk that would make the product difficult for a retail investor to understand. The underlying index (MSCI World) is transparent and well-established. The ETFu2019s structure, risks, and objectives are clearly disclosed and typical of a UCITS-compliant product, which is generally presumed non-complex under MiFID II unless specific complex features are present[1]. The active management and ESG screening add some complexity, but not to a degree that would override the UCITS presumption of non-complexity, as the risks remain comparable to those of the benchmark and are well-communicated. There is no evidence of embedded derivatives, contingent convertible bonds, or other features that would automatically trigger a complex classification. Therefore, despite some active management and derivative use for EPM, the ETF remains non-complex under MiFID II[1]."
}