{
    "fund_name": "AMUNDI MSCI WORLD UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure from swap agreements",
        "Indirect replication methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the MSCI World Index, which introduces counterparty risk and derivative exposure. While the underlying index (MSCI World) is a straightforward equity index, the use of swaps for replication and the indirect replication methodology are key factors that trigger the 'complex' classification under MiFID II. The KIID explicitly states that derivatives are integral to the investment strategy, and the risk section highlights counterparty risk as a material risk. The fact that the ETF is UCITS-compliant does not negate the complexity introduced by the synthetic replication method. The PRIIPs KID and factsheet confirm the synthetic replication approach and the use of swaps, reinforcing the complexity assessment.",
    "confidence": 90
}