{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI USA SRI CLIMATE NET ZERO AMBITION PAB UCITS ETF Acc",
    "investment_objective": "Track the MSCI USA SRI FILTERED PAB NR Close Index, an equity ESG index aligned with EU Paris-aligned benchmark regulation",
    "primary_asset_class": "equity",
    "geographic_focus": "USA",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses direct physical replication of the MSCI USA SRI Filtered PAB Index, investing directly in underlying securities in proportions closely matching the index. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management and to manage inflows/outflows, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and for risk management purposes only. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond normal operational risk. The fund is UCITS compliant, with a low ongoing charge (0.18%) and no performance fees. The risk indicator is moderate (5/7), reflecting market risk of US equities, with no leverage or inverse exposure. The underlying assets are large and mid-cap US equities with ESG criteria, no complex structured products or contingent bonds are held. The factsheet confirms physical replication and no use of swaps. No capital protection or structured features are present. The risk disclosures do not indicate complexity flags such as significant counterparty risk or derivative-related risks. Overall, the ETF is straightforward, with a clear, linear relationship to the underlying index performance, and minimal derivative use for operational efficiency only.",
    "risk_level_assessment": "The fund's risk profile is medium-high (5/7) due to equity market exposure, consistent with typical equity ETFs. This risk level does not imply complexity under MiFID II, as the fund does not employ leverage, synthetic replication, or complex underlying assets."
}