{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Amundi STOXX Europe 600 UCITS ETF EUR HEDGED DIST is a physically replicated ETF tracking a broad European equity index. The KIID and factsheet indicate it uses direct replication of underlying securities with minimal tracking error (target <1%). While derivatives may be used for efficient portfolio management (handling inflows/outflows) and securities lending, these are standard practices that don't create additional complexity. The fund has no leverage, no synthetic replication, and no complex underlying assets. The risk profile (SRRI 4) is appropriate for its equity exposure. The comprehensive disclosure and transparency about its physical replication method, straightforward benchmark, and standard risk profile support a non-complex classification.",
    "confidence": 95,
    "counter_argument_consideration": "Some might argue that the use of derivatives for portfolio management could trigger complexity. However, the documentation clearly states these are only used for operational efficiency (handling inflows/outflows) and not as a core part of the investment strategy. The physical replication method and straightforward equity exposure outweigh this minor derivative usage, which is explicitly permitted under UCITS guidelines for non-complex funds.",
    "risk_level": 4
}