{
    "fund_name": "Amundi MSCI World Health Care 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",
        "OTC swap with Morgan Stanley Bank AG and Societe Generale"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an OTC swap with Morgan Stanley Bank AG and Societe Genale, which introduces counterparty risk. While the swap is used for replication rather than leverage or inverse exposure, the presence of a swap and the associated counterparty risk are sufficient to classify this as a complex financial instrument under MiFID II. The KIID explicitly mentions counterparty risk and the use of financial derivative instruments, which can induce leverage risk, high volatility risk, valuation risk, or liquidity risk. The fact sheet further confirms the use of an OTC swap and highlights counterparty risk as a material risk factor. While the ETF tracks a relatively straightforward equity index (MSCI World Health Care), the synthetic replication method and counterparty exposure make it complex for retail investors to fully understand.",
    "confidence": 90
}