{
    "name": "Amundi BEL 20 UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Amundi BEL 20 UCITS ETF Dist is a physically replicated ETF that tracks the BEL 20 Net Return Index. The KIID and factsheet indicate that the fund uses direct replication, primarily investing in the underlying securities of the index. While there is a mention of counterparty risk due to potential use of financial derivative instruments, the exposure is limited to 10% of the fund's assets per counterparty, which is within UCITS guidelines. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is aligned with the underlying equities, and the SRRI (Synthetic Risk and Reward Indicator) is moderate. The factsheet confirms physical replication and does not highlight any complex structures or strategies. The fund's objective is straightforward index tracking, and the risks are typical of equity investments.",
    "confidence": 95,
    "counter_argument": "The mention of counterparty risk due to potential derivative use could suggest complexity. However, the derivatives are likely used for efficient portfolio management rather than as a core strategy, and the exposure is limited and disclosed transparently. The physical replication method and straightforward index-tracking objective outweigh this factor, supporting a non-complex classification."
}