{
    "name": "AMUNDI MSCI WORLD UCITS ETF - USD",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap to track the MSCI World Index, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the presence of counterparty risk is highlighted as a material risk. While the ETF does not employ leverage or inverse strategies, the use of swaps and synthetic replication inherently makes it a complex instrument under MiFID II rules. The risk profile (SRRI 4) and the need for understanding counterparty risk further support this classification.",
    "confidence": 90,
    "counter_argument": "Some may argue that the ETF is straightforward due to its passive tracking of a well-known index and lack of leverage. However, the reliance on swaps and synthetic replication overrides this, as MiFID II explicitly flags such structures as complex due to the additional risks they introduce.",
    "risk_level": 4
}