{
    "fund_name": "AMUNDI MSCI USA EX MEGA CAP UCITS ETF ACC",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Ex Mega Cap Select Index, primarily through direct investments in the underlying securities. While the KIID mentions the potential use of derivatives for efficient portfolio management (EPM) and handling inflows/outflows, this is a standard practice and does not introduce complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is straightforward, with a clear focus on US equities excluding mega-cap stocks. The SRRI risk level is moderate, and there are no indications of complex underlying assets or capital protection mechanisms. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "counter_argument": "Some might argue that the mention of derivatives in the KIID could suggest complexity. However, the derivatives are explicitly stated to be used for EPM and managing liquidity, which are standard practices in physically replicated ETFs and do not introduce material complexity. The fund's straightforward replication method and transparent underlying assets support the non-complex classification."
}