{
    "fund_name": "Amundi Global Gender Equality UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex ESG indices with multiple scoring criteria",
        "Potential use of sampling replication (though not explicitly stated as synthetic)",
        "Securities lending activities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (direct investment in underlying securities) and does not employ leverage, inverse strategies, or synthetic replication via swaps. The primary complexity factors are the sophisticated ESG screening methodology of the benchmark index and the potential use of sampling replication (though not explicitly confirmed as synthetic). The fund is UCITS-compliant, which inherently limits complexity. The risk profile is straightforward (equity market risk), and there are no capital protection mechanisms or structured features. The absence of derivative-related language in the KIID and PRIIPs KID supports the non-complex classification. The ETF's transparency, liquidity, and regulatory compliance (UCITS) further reinforce this determination.",
    "confidence": 90,
    "counter_argument": "The use of sampling replication could be interpreted as a complexity factor, but the lack of explicit synthetic replication or swap usage, combined with the UCITS framework, outweighs this concern. The ESG index methodology, while complex, does not inherently make the ETF complex under MiFID II, as the underlying investments remain transparent and liquid.",
    "risk_profile": "The risk profile is aligned with the fund's classification as non-complex, reflecting typical equity market risk without additional layers of complexity from derivatives or structured features."
}