{
    "fund_name": "AMUNDI STOXX EUROPE 600 INSURANCE 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 from swap agreements"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) to track the STOXX Europe 600 Insurance Index. While the underlying index consists of straightforward equity holdings, the use of swaps introduces counterparty risk and operational complexity. The KIID explicitly mentions 'risk of financial derivative instruments' and 'counterparty risk,' which are key complexity indicators under MiFID II. The fact that the ETF is UCITS-compliant does not negate the complexity introduced by the synthetic replication method. The risk profile includes derivative-related risks, and the KIID warns about the potential for significant tracking error, further supporting the classification as complex.",
    "confidence": 85
}