{
    "name": "AMUNDI ITALY MIB ESG - UCITS ETF DR - EUR",
    "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 MIB ESG Index, primarily through direct investments in the underlying securities. While the KIID mentions that derivatives may be used for efficient portfolio management (e.g., handling inflows/outflows or improving index exposure), this is a standard practice for many UCITS ETFs and does not inherently make the product complex under MiFID II. The risk profile (SRRI 4) is moderate, and there are no indications of leverage, inverse strategies, or synthetic replication. The ETF is UCITS-compliant, which generally aligns with non-complex classifications. The absence of capital protection mechanisms, structured features, or illiquid underlying assets further supports this assessment.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": "Minimal, as derivatives are used only for operational efficiency and not as a core strategy.",
    "liquidity_risk": "Standard for equity ETFs, with no additional complexity noted.",
    "additional_notes": "The ETF's use of securities lending for additional income is a common practice and does not introduce complexity. The ESG focus does not inherently add complexity under MiFID II rules."
}