{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Amundi IBEX 35 UCITS ETF Acc is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The KIID and factsheet confirm the fund uses physical replication, investing directly in the components of the IBEX 35 index. There is no mention of synthetic replication, swaps, or derivative instruments.2. **Leverage and Inverse Exposure**: The fund does not employ any leverage or inverse strategies. The objective is to replicate the IBEX 35 index without amplification or gearing.3. **Underlying Asset Complexity**: The IBEX 35 is a straightforward equity index composed of the 35 most liquid stocks traded on the Spanish market. There are no references to complex underlying assets like contingent convertible bonds, structured products, or illiquid securities.4. **Capital Protection**: The fund does not offer any capital protection mechanisms or structured features that would increase complexity.5. **Risk Profile**: The risk profile is clearly aligned with the equities of eurozone countries, and the fund's risk level (4 out of 7) is consistent with its equity exposure. There are no indications of excessive counterparty risk or liquidity concerns beyond normal market conditions.6. **Costs and Charges**: The fee structure is simple, with an ongoing charge of 0.30% and no performance fees or complex fee arrangements.7. **PRIIPs KID and Factsheet**: The additional documents do not introduce any new complexity factors. The factsheet explicitly states the replication type as 'physical' and confirms the absence of derivatives or swaps.**Conclusion**: The fund's straightforward physical replication strategy, lack of leverage or derivatives, and transparent equity exposure make it non-complex under MiFID II. The absence of any complexity flags in the KIID, PRIIPs KID, or factsheet further supports this classification.",
    "confidence": 95
}