{
    "fund_name": "Amundi MSCI Turkey UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Potential complexity of underlying Turkish equities market"
    ],
    "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 replication rather than leverage or inverse exposure, the presence of derivatives and counterparty risk makes this ETF complex under MiFID II. The underlying Turkish equities market may also introduce additional complexity due to potential liquidity and political risks. The fact that the ETF is UCITS-compliant does not automatically make it non-complex, as UCITS rules allow for certain derivative usage that may still trigger complexity under MiFID II.",
    "confidence": 85
}