{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI USA MINIMUM VOLATILITY FACTOR - UCITS ETF",
    "investment_objective": "Track the performance of MSCI USA Minimum Volatility Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Derivative instruments integral to strategy",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method investing in total return swaps to gain exposure to the MSCI USA Minimum Volatility Index, which is an equity index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy and that the fund invests in total return swaps (financial derivative instruments). The fund is UCITS compliant but uses synthetic replication, which is a key complexity indicator under MiFID II. There is no leverage or inverse exposure. The risk profile is medium (4 out of 7), reflecting market risk and counterparty risk due to swap usage. The fund does not have capital protection or structured features. Costs are straightforward with no performance fees, but swap usage implies counterparty risk and derivative complexity. The PRIIPs KID does not include a comprehension warning but confirms derivative use and counterparty risk. The factsheet confirms synthetic replication and swap usage, with a low tracking error and a straightforward equity index exposure. Despite the relatively simple underlying index, the use of total return swaps and derivative instruments for replication classifies the ETF as complex under MiFID II rules.",
    "risk_level_assessment": "The fund's stated risk profile is medium (4/7), reflecting typical equity market risk and additional counterparty risk from swap usage. This aligns with the complexity classification, as derivative and counterparty risks increase the complexity beyond a simple physical replication ETF."
}