{
    "fund_name": "Amundi MSCI World Health Care UCITS ETF EUR Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) with counterparties like Morgan Stanley Bank AG and Societe Generale, which introduces counterparty risk. The KIID explicitly mentions risks associated with financial derivative instruments, including leverage risk, high volatility risk, and liquidity risk. The factsheet confirms the synthetic replication method and highlights counterparty risk as a material concern. While the ETF does not employ leverage or inverse strategies, the use of swaps and the associated counterparty risks make it complex under MiFID II rules.",
    "confidence": 90,
    "risk_level": 4,
    "counter_argument": "The ETF could be argued as non-complex due to its straightforward objective of tracking a well-known healthcare index and its UCITS compliance. However, the synthetic replication method and the explicit warnings about derivative risks in the KIID and factsheet override this argument, as MiFID II explicitly flags synthetic ETFs with significant counterparty exposure as complex."
}