{
    "fund_name": "Amundi IBEX 35 UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the IBEX 35 Net Return Index, with no evidence of leverage, inverse strategies, or synthetic replication. The KIID and factsheet indicate direct investment in the index components, with minimal use of derivatives (only for efficient portfolio management). The risk profile is straightforward, and the underlying assets are liquid equities. The counterparty risk is limited to standard securities lending and hedging activities, which do not introduce significant complexity. The ETF is UCITS-compliant and designed for retail investors, with clear disclosure of risks and costs.",
    "confidence": 95,
    "counter_argument": "While the KIID mentions counterparty risk due to potential derivative use, this appears to be for hedging or efficient portfolio management rather than a core strategy. The absence of leverage, inverse exposure, or synthetic replication supports the non-complex classification. The ETF's transparency, liquidity, and straightforward equity exposure further justify this determination.",
    "risk_level": 4,
    "benchmark_complexity": "low",
    "underlying_assets": "liquid equities",
    "gearing": false,
    "capital_protection": false,
    "structured_features": false
}