{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi PEA MSCI USA ESG Selection UCITS ETF - USD",
    "investment_objective": "Track the performance of MSCI USA ESG Selection P-Series 5% Issuer Capped Index with ESG characteristics",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps to achieve exposure to the MSCI USA ESG Selection Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance. The fund is UCITS compliant but exposes investors to counterparty risk due to swap usage. There is no leverage or inverse exposure. The underlying index is an equity index with ESG screening, which is straightforward, but the synthetic replication and swap counterparty risk introduce complexity. The risk profile is medium-high (5/7), reflecting market and counterparty risks. Costs are standard with no performance fees, but swap-related derivative costs are implicit. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage, with no leverage. Overall, the presence of funded total return swaps and counterparty risk drives the classification as complex under MiFID II, despite the fund's equity focus and UCITS status."
}