{
    "name": "Amundi MSCI All Country World UCITS ETF USD Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Financial Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (financial derivative instrument) to track the MSCI AC World Index. This introduces counterparty risk with entities like Morgan Stanley Bank AG and Societe Generale, as explicitly mentioned in the KIID and factsheet. The presence of swap agreements and derivative instruments, along with the associated counterparty risk, are key indicators of complexity under MiFID II. Additionally, the risk disclosures highlight the potential for significant tracking error and the impact of derivative-related risks on the net asset value.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "benchmark_complexity": false,
    "additional_notes": "While the ETF does not employ leverage or inverse strategies, the use of synthetic replication via swaps and the associated counterparty risks are sufficient to classify it as complex under MiFID II. The factsheet confirms the synthetic replication method and the involvement of swap counterparties, reinforcing the complexity classification."
}