{
    "fund_name": "Amundi Australia S&P/ASX 200 UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk from swap agreements",
        "Potential tracking error due to derivative usage"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract with counterparties like Morgan Stanley and Societe Generale. While the swap is used for replication rather than leverage or inverse exposure, the presence of counterparty risk and potential tracking error from derivative usage makes this a complex product under MiFID II. The fact that it's a UCITS-compliant ETF with straightforward equity exposure mitigates some complexity, but the derivative-based replication method is sufficient to trigger the complex classification. The fact sheet confirms the use of swaps and highlights counterparty risk as a material consideration.",
    "confidence": 85
}