{
    "name": "Amundi FTSE MIB UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Counterparty Risk from Swaps",
        "Derivative Usage for Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication but acknowledges the use of swaps and derivatives for optimization and counterparty risk management. The factsheet explicitly mentions counterparty risk exposure from OTC swaps with Morgan Stanley and Societe Generale, which introduces complexity under MiFID II. While the ETF is physically replicated, the presence of swap agreements and derivative instruments for optimization purposes, along with the associated counterparty risks, triggers the complexity classification. The risk profile (SRRI 5) and the need for investors to understand counterparty risks further support this determination.",
    "confidence": 85,
    "risk_level": 5,
    "counterparty_risk": true,
    "benchmark_complexity": "low",
    "liquidity_risk": "moderate",
    "capital_protection": false,
    "structured_features": false,
    "additional_notes": "Although the ETF is physically replicated, the use of swaps and derivatives for optimization and the explicit mention of counterparty risk exposure make it complex under MiFID II. The factsheet's disclosure of OTC swap usage with specific counterparties is a key factor in this classification."
}