{
    "fund_name": "AMUNDI NASDAQ-100 UCITS ETF - DAILY HEDGED EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk from swap agreements",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to track the NASDAQ-100 index, which introduces counterparty risk and requires understanding of derivative instruments. While the underlying index is straightforward, the synthetic structure and currency hedging add complexity that may not be easily understood by retail investors. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and highlights counterparty risk as a material risk factor. The fact sheet confirms the synthetic replication method, reinforcing the derivative-based structure.",
    "confidence": 90,
    "risk_level": "4 (out of 7)",
    "counter_argument": "The ETF tracks a well-known, liquid index with a straightforward equity exposure. The synthetic replication is common in ETFs and may not necessarily make it complex if the risks are clearly disclosed.",
    "counter_argument_override_reason": "While the index is simple, the use of synthetic replication with total return swaps introduces material risks (counterparty, hedging) that require specialized knowledge to assess. MiFID II guidance suggests that synthetic ETFs with derivative exposure typically fall under the 'complex' category due to the additional layers of risk and operational complexity."
}