{
    "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 Amundi IBEX 35 UCITS ETF Dist uses physical replication as its primary method but acknowledges the use of derivative instruments, including swaps with counterparties like Morgan Stanley Bank AG and Societe Generale, which introduces counterparty risk. While the ETF is primarily physically replicated, the factsheet explicitly mentions the use of OTC swaps, which is a key indicator of complexity under MiFID II. The presence of counterparty risk and the potential for tracking error due to derivative usage are significant factors. Additionally, the ETF's risk profile, as indicated by the SRRI and the detailed risk disclosures, suggests that while it may not be highly leveraged or inverse, the derivative exposure and counterparty risks are sufficient to classify it as complex.",
    "confidence": 85
}