{
    "fund_name": "Amundi MSCI World Financials UCITS ETF EUR Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Potential tracking error due to swap usage"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract with counterparties like Morgan Stanley and Societe Generale. While the swap is likely unfunded (standard for synthetic ETFs), the presence of counterparty risk and potential tracking error makes it complex under MiFID II. The fact sheet confirms the use of derivatives and highlights counterparty risk, which is a key complexity indicator. The index itself (MSCI World Financials) is not inherently complex, but the synthetic structure and derivative exposure trigger the complexity classification. The fund is UCITS-compliant, which typically implies certain safeguards, but the use of swaps for replication still meets MiFID II's criteria for complexity.",
    "confidence": 90
}