{
    "fund_name": "AMUNDI MSCI WORLD UCITS ETF ACC",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Index, which consists of large and mid-cap equities across developed markets. There is no mention of synthetic replication, swaps, or derivative instruments in the investment strategy. The risk profile is primarily market risk from equity investments, with no indications of leverage, inverse exposure, or complex underlying assets. The ETF is UCITS-compliant, which generally implies a higher standard of investor protection and transparency. The KIID and factsheet do not highlight any complex features such as capital protection mechanisms, structured products, or illiquid securities. The tracking error is minimal (targeting less than 1%), and the fund aims for straightforward index replication. The absence of any 'comprehension warning' in the PRIIPs KID further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives for efficient portfolio management (EPM) could introduce complexity. However, the documents explicitly state physical replication, and there is no evidence of derivatives being used beyond standard hedging or operational purposes. The fund's transparency, liquidity, and straightforward investment objective outweigh any minor complexity introduced by potential EPM derivative use.",
    "risk_level": 4
}