{
    "fund_name": "Amundi STOXX Europe 600 Consumer Discretionary UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk from derivative instruments",
        "Indirect replication methodology"
    ],
    "classification": "complex",
    "confidence": 90,
    "supporting_data": "The ETF uses synthetic replication via total return swaps to track the STOXX Europe 600 Consumer Discretionary 30-15 Index, which introduces counterparty risk and derivative exposure. While the underlying index consists of liquid European equities, the synthetic structure and swap-based replication make the investment mechanism more complex for retail investors. The KIID explicitly mentions financial derivative instruments and counterparty risk, which are key complexity indicators under MiFID II. The PRIIPs KID and factsheet confirm the synthetic replication method, reinforcing the complexity classification. The fund's risk profile includes derivative risk and counterparty risk, which are not present in physically replicated ETFs. While the underlying assets are straightforward equities, the synthetic structure and swap exposure elevate the complexity beyond what would be considered non-complex."
}