{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI DAX 50 ESG UCITS ETF DR - EUR",
    "investment_objective": "Track the performance of DAX 50 ESG+ NR Index with ESG characteristics, minimizing tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (primarily Germany)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS fund physically replicating the DAX 50 ESG+ NR Index by direct investment in underlying securities. The KIID and PRIIPs KID confirm the use of physical replication with only limited derivative use for operational purposes such as managing inflows/outflows or better exposure to index constituents, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. No leverage or inverse exposure is present. The underlying assets are large and mid-cap German equities with ESG screening, which are liquid and transparent. The risk profile is moderate (SRRI 5/7) reflecting equity market risk, with no capital protection or structured features. Costs are straightforward with a low ongoing charge (0.15%) and no performance fees. Securities lending is used to generate additional income but does not add complexity under MiFID II. The factsheet confirms physical replication and no use of complex derivatives or structured products. No complexity flags such as contingent bonds, capital protection, or significant counterparty risk exposure are identified. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and is suitable for retail investors with basic investment knowledge.",
    "risk_level_assessment": "The fund's stated risk profile is medium-high (5 out of 7), consistent with equity market exposure. This risk level reflects market volatility rather than structural complexity. There are no derivative-related risk disclosures indicating complexity, and counterparty risk is minimal given physical replication. Liquidity risk is noted as normal for equity markets. The risk profile aligns with a non-complex classification under MiFID II."
}