{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "This UCITS ETF tracks the MSCI World ex USA Index using physical replication, holding the underlying equity securities in similar proportions to the index. The use of financial derivative instruments (FDIs) is explicitly stated to be for direct investment purposes and efficient portfolio management, not as a core strategy or for synthetic replication. The fund may engage in securities lending, but this is a secondary, well-managed activity within UCITS rules and does not dominate the risk profile. The index is transparent, market-cap weighted, and rebalanced quarterly. There is no significant leverage, no embedded derivatives, no complex bonds (e.g., contingent convertibles), and no opaque features. The structure, objective, and risks (market volatility, tracking error) are straightforward and can be understood by a retail investor with basic knowledge. All these elements align with the presumption that UCITS ETFs are non-complex under MiFID II, provided they do not employ synthetic replication or complex strategies that introduce opacity or advanced risks[1][2]. The presence of limited derivative use for efficient portfolio management does not, in this case, trigger a complex classification, as the derivatives are not central to the investment objective and do not introduce material counterparty or collateral risk that would be difficult for a retail investor to understand."
}