{
    "fund_name": "Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Commodity futures rolling",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an OTC swap with counterparties (Morgan Stanley and Societe Generale), which introduces counterparty risk. The underlying index tracks commodity futures contracts that require rolling, exposing investors to roll costs and contango/backwardation effects. While the ETF is UCITS-compliant and has no leverage or inverse exposure, the use of derivatives for replication and the complexity of the underlying futures-based index make it complex under MiFID II. The fact sheet explicitly mentions 'replication risk' and 'counterparty risk,' further supporting the classification.",
    "confidence": 90
}