{
    "fund_name": "Amundi Nasdaq-100 II UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (financial derivative instrument) to track the NASDAQ-100 Notional Net Total Return Index. This introduces counterparty risk with entities like Morgan Stanley Bank AG and Societe Generale, which is explicitly mentioned in the KIID and factsheet. The presence of swap agreements and the associated counterparty risk are key indicators of complexity under MiFID II. Additionally, the ETF's risk profile includes specific warnings about the risks of financial derivative instruments, further supporting the classification as complex.",
    "confidence": 90,
    "risk_level": "The ETF has a risk rating of 6 on the SRRI scale, indicating higher risk, which aligns with the complexity introduced by the use of derivatives and counterparty risk.",
    "counter_argument": "Some might argue that the ETF is UCITS-compliant and tracks a well-known index, suggesting it could be non-complex. However, the use of synthetic replication and the explicit mention of counterparty risk override this argument, as these factors are clear indicators of complexity under MiFID II regulations."
}