{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives for efficient portfolio management and investment purposes, including up to 5% in total return swaps and contracts for difference; securities lending up to 25% of assets; optimisation technique (not full replication); exposure to depositary receipts and companies outside the index; counterparty risk from derivatives and securities lending.",
    "classification": "non-complex",
    "supporting_data": "This UCITS ETF is authorised under Irish law and regulated by the Central Bank of Ireland, tracking the MSCI World Index. It uses physical replication with an optimisation technique, meaning it does not hold every constituent of the index but aims to minimise tracking error. The fund may use derivatives (including up to 5% in total return swaps and contracts for difference) for efficient portfolio management and investment purposes, and may engage in securities lending (up to 25% of assets). These features introduce some counterparty risk, but the use of derivatives is limited, well-disclosed, and in line with UCITS rules. The fund does not use significant leverage beyond temporary borrowing limits. The structure, risks, and investment policy are transparent and described in the Key Investor Information Document (KIID). Under MiFID II, all UCITS are automatically non-complex unless they are 'structured UCITS'u2014which this fund is not, as it does not provide algorithm-based payoffs or similar complex features[1]. The limited and disclosed use of derivatives for risk and cost management, combined with the fund's regulatory framework and transparency, supports a non-complex classification, despite the presence of some derivative exposure and securities lending[1][2]. The fund's risks (market, tracking error, currency, liquidity, operational, counterparty) are standard for equity ETFs and are clearly communicated. There is no evidence of embedded complex products (e.g., contingent convertible bonds) or synthetic replication that would trigger a complex classification. The fund's shares are listed and redeemable daily, supporting liquidity. Overall, the structure and risks are considered understandable for a retail investor with basic knowledge, in line with MiFID II Article 25(4) and the presumption of non-complexity for UCITS[1][2]."
}