{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI USA EX MEGA CAP UCITS ETF ACC",
    "investment_objective": "Track the performance of MSCI USA Ex Mega Cap Select Index using direct replication",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical/direct replication by investing directly in transferable securities representing the index constituents in proportions close to the index. The KIID and PRIIPs KID confirm that derivatives may only be used for efficient portfolio management and to manage inflows/outflows, not as an inherent part of the investment strategy, so derivative use is incidental and not complexity-driving. 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 (0.15%) and no performance fees. The risk indicator is 5/7, reflecting market risk of US equities, but no complexity flags such as leverage, inverse exposure, capital protection, or complex underlying assets are present. The factsheet confirms physical replication and no use of synthetic structures. The index tracked is a standard MSCI equity index without complex features. No capital protection or structured features are mentioned. Overall, the ETF exhibits a straightforward, transparent, and linear investment strategy with minimal derivative use for operational purposes only, consistent with a non-complex classification under MiFID II."
}