{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives used for currency hedging, securities lending",
    "classification": "non-complex",
    "supporting_data": "This UCITS ETF tracks the MSCI World Index using physical replication, holding the underlying equities. Derivatives (specifically FX forwards) are used solely for currency hedging to reduce exchange rate risk between the fund's base currency (USD) and the share class currency (GBP). Securities lending is employed to generate additional income, but is managed within UCITS rules with collateral requirements. The ETF does not use leverage beyond UCITS limits, does not employ swaps or synthetic replication, and does not have embedded options or other complex features. The structure, risks, and investment objective are transparent and straightforward for retail investors with basic knowledge. The use of derivatives is limited to efficient portfolio management (EPM) and does not introduce material counterparty or collateral risk that would make the product difficult to understand. Therefore, despite the use of derivatives for hedging, the ETF remains non-complex under MiFID II, as the derivative use is ancillary, well-disclosed, and does not alter the fundamental risk-return profile of the product[1]. The UCITS presumption of non-complexity is not overturned here, as the product's features do not meet the criteria for complexity under Article 57 of the MiFID II Delegated Regulation."
}