{
    "fund_name": "Amundi IBEX 35 UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a straightforward equity index",
        "No leverage or inverse exposure",
        "No complex underlying assets (e.g., CoCos, CLOs)",
        "No capital protection mechanisms"
    ],
    "classification": "non-complex",
    "confidence": 95,
    "supporting_data": "The Amundi IBEX 35 UCITS ETF Dist is a physically replicated ETF that tracks the IBEX 35 Net Return Index, a straightforward equity index. The KIID and factsheet confirm that the fund uses direct replication (physical replication) of the underlying index components, with no mention of synthetic replication, swaps, or derivatives beyond standard securities lending. The risk profile is typical for an equity ETF, with no leverage, inverse exposure, or complex structured features. The fund is UCITS-compliant, which inherently limits the use of derivatives to efficient portfolio management (e.g., hedging, reducing tracking error). The factsheet explicitly states that the fund is physically replicated, and the KIID mentions counterparty risk only in the context of securities lending, which is standard for ETFs. The IBEX 35 index itself is a standard equity index, and the fund's holdings are transparent and liquid. There are no indications of complexity in the underlying assets or the fund's structure. The only potential complexity factor is the mention of counterparty risk in the factsheet, but this is mitigated by UCITS rules limiting counterparty exposure to 10% of assets and is a standard risk for ETFs. The fund's risk profile is clearly communicated, and the investment strategy is straightforward. Therefore, the fund does not meet the criteria for a 'complex' financial instrument under MiFID II."
}