{
    "fund_name": "Amundi Global Equity Quality Income UCITS ETF Acc",
    "fund_type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index tracking"
    ],
    "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 efficient replication rather than leverage or inverse exposure, the presence of derivatives and counterparty risk makes this a complex product under MiFID II. The index itself is designed to capture high-quality dividend-paying stocks, but the synthetic structure adds complexity. The fact sheet confirms the use of derivatives and highlights counterparty risk as a material risk factor. The ETF is UCITS-compliant, but the synthetic replication method and derivative exposure still classify it as complex.",
    "confidence": 90,
    "counter_argument": "One could argue that the ETF is non-complex because it tracks a straightforward equity index and does not use leverage or inverse strategies. However, the use of synthetic replication with derivatives and the associated counterparty risk are sufficient to classify it as complex under MiFID II.",
    "risk_level": "Medium (Risk category 3 out of 7 in the KIID)"
}