{
    "fund_name": "AMUNDI PRIME EUROZONE - UCITS ETF DR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Solactive GBS Developed Markets Eurozone Large & Mid Cap Index, primarily through direct investments in transferable securities. While derivatives may be used for efficient portfolio management (e.g., handling inflows/outflows or improving index exposure), this is not a primary strategy and does not introduce significant complexity. The risk profile is straightforward, with a clear focus on Eurozone equities and no leverage or inverse exposure. The KIID and factsheet indicate standard operational risks (liquidity, counterparty) but no structural complexity. The SRRI risk level is moderate, and the fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives for EPM (efficient portfolio management) could introduce complexity. However, under MiFID II, such usage is generally permitted without classifying the ETF as complex, provided it does not materially alter the risk profile or require specialist knowledge to understand. The fund's transparency, liquidity, and straightforward replication method outweigh this concern.",
    "risk_level": "Moderate (SRRI 4-5, typical for equity ETFs)",
    "benchmark_complexity": "The Solactive GBS Developed Markets Eurozone Large & Mid Cap Index is a standard equity index with no inherent complexity (e.g., no leverage, volatility targeting, or exotic underlying assets)."
}