{
    "fund_name": "Amundi MSCI All Country World UCITS ETF USD 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"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an OTC swap with Morgan Stanley Bank AG and Societe Generale, which introduces counterparty risk. While the swap is used for replication rather than leverage or inverse exposure, the presence of derivatives and counterparty risk makes this ETF complex under MiFID II. The fact that it is UCITS-compliant does not automatically make it non-complex, as UCITS rules allow for synthetic replication. The risk profile includes counterparty risk, which is a key complexity indicator. The ETF does not use leverage or inverse strategies, but the synthetic structure and derivative exposure are sufficient to classify it as complex.",
    "confidence": 90
}