{
    "name": "AMUNDI EURO STOXX 50 II UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the EURO STOXX 50 Net Return Index, investing directly in the underlying securities. While the KIID mentions potential use of derivatives for efficient portfolio management (e.g., securities lending or temporary sales), these are standard practices under UCITS guidelines and do not introduce material complexity. The risk profile (SRRI 4) is typical for an equity ETF, and there are no indications of leverage, inverse strategies, or synthetic replication. The counterparty risk is limited to 10% of assets, in line with UCITS requirements. The factsheet confirms physical replication and does not highlight any complex structures or strategies.",
    "confidence": 95,
    "counter_argument": "The factsheet mentions counterparty risk from OTC swaps with Morgan Stanley and Societe Generale, but this is explicitly limited to 10% of assets and is a standard feature of UCITS-compliant ETFs. The use of derivatives appears to be for operational efficiency rather than as a core strategy, which does not trigger complexity under MiFID II.",
    "risk_level": 4,
    "benchmark_complexity": "The EURO STOXX 50 is a straightforward, widely recognized blue-chip index with no inherent complexity in its construction or methodology."
}