{
    "fund_name": "AMUNDI STOXX EUROPE 600 HEALTHCARE UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Potential tracking error"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI), which introduces counterparty risk and potential tracking error. While the underlying index (STOXX Europe 600 Healthcare) is relatively straightforward, the use of derivatives for replication triggers complexity under MiFID II. The KIID explicitly mentions 'risk of financial derivative instruments' and 'counterparty risk', which are key complexity indicators. The PRIIPs KID and factsheet confirm the synthetic replication method, reinforcing the classification. The fund does not use leverage or inverse strategies, but the derivative-based replication structure alone is sufficient to classify it as complex.",
    "risk_level": "Medium (SRRI 4)",
    "confidence": 90
}