{
    "fund_name": "AMUNDI NASDAQ-100 UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "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 NASDAQ-100 Index. While the index itself is relatively straightforward (large-cap US equities), the use of derivatives for replication introduces counterparty risk and operational complexity. The KIID explicitly mentions that derivatives are integral to the investment strategy, and the fact sheet confirms the synthetic replication method. While the ETF is UCITS-compliant and tracks a transparent index, the derivative-based replication structure triggers the MiFID II complexity classification. The risk profile is primarily market risk, but the derivative exposure adds layers of complexity that may not be immediately apparent to retail investors.",
    "confidence": 85,
    "counter_argument": "One could argue that since the ETF tracks a well-known, liquid index and the derivative usage is for replication rather than speculative purposes, it should be considered non-complex. However, MiFID II specifically flags synthetic replication as a complexity factor, and the explicit mention of counterparty risk in the KIID supports the complex classification.",
    "risk_level": "4 (out of 7)",
    "risk_profile_alignment": "The stated risk level (4) aligns with the market risk of the underlying index, but the derivative-based replication adds complexity that may not be fully captured by the risk indicator."
}