{
    "fund_name": "AMUNDI CAC 40 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 CAC 40 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 constituent exposure), this is explicitly stated as a secondary and limited use. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is straightforward, with a clear focus on liquid French equities and no indications of complex underlying assets or structured features. The SRRI risk level is moderate, and there are no warnings about complexity or suitability for retail investors. The ESG focus does not introduce additional complexity under MiFID II rules.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives for EPM (Efficient Portfolio Management) could introduce complexity. However, the KIID explicitly states that derivatives are only used for managing inflows/outflows and improving index exposure, which is a standard practice in non-complex ETFs. The primary replication method remains physical, and the derivatives are not used to create leverage or synthetic exposure, which are key triggers for complexity under MiFID II.",
    "risk_level": "The fund has a moderate risk profile (SRRI level 4-5), consistent with a physically replicated equity ETF. The primary risks are market risk from French equities and minor counterparty risk from securities lending, both of which are typical for non-complex ETFs."
}