{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Amundi SDAX UCITS ETF DIST is a physically replicated ETF tracking the SDAX Total Return Index, which consists of German mid- and small-cap equities. The KIID explicitly states that the fund uses 'Direct Replication' by investing directly in the underlying securities of the index. While the fund may use derivatives for efficient portfolio management (EPM) to handle inflows/outflows or improve exposure to index constituents, this is a standard practice for many physically replicated ETFs and does not introduce complexity under MiFID II. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is moderate (SRRI 4), and the underlying assets are liquid equities. The fund is UCITS-compliant, which imposes strict transparency and risk management requirements. The absence of complex features such as capital protection mechanisms, structured products, or significant counterparty risk further supports the non-complex classification.",
    "confidence": 95
}