{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi PEA MSCI USA ESG Selection UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI USA ESG Selection P-Series 5% Issuer Capped 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": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps to achieve exposure to the MSCI USA ESG Selection P-Series 5% Issuer Capped Index. The KIID and PRIIPs KID explicitly state that derivatives, including total return swaps, are integral to the investment strategy. The fund is UCITS compliant but employs synthetic replication, which inherently involves counterparty risk. There is no leverage or inverse exposure. The underlying index is an ESG equity index based on large and mid-cap US stocks, which are liquid and transparent. The risk profile is medium-high (5/7), reflecting market risk and counterparty risk due to swap usage. Costs are straightforward with no performance fees but include ongoing charges of 0.35%. The factsheet confirms synthetic replication and swap usage. No capital protection or structured features are present. The use of total return swaps and counterparty risk exposure are the main drivers for classifying this ETF as complex under MiFID II, despite the straightforward equity underlying and moderate risk profile."
}