{
    "fund_name": "Amundi MSCI Emerging Markets SRI Climate Paris Aligned - UCITS ETF DR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Emerging Markets SRI Filtered PAB Index, which consists of large and mid-cap stocks from emerging markets with strong ESG ratings. The KIID explicitly states that the exposure to the index is achieved through direct replication by investing in the underlying securities. While derivatives may be used for managing inflows/outflows or improving index exposure, this is considered standard efficient portfolio management (EPM) and does not constitute a complex strategy. The risk profile is typical for an emerging markets equity ETF, with no leverage, inverse exposure, or capital protection features. The ETF is UCITS-compliant, which generally indicates a non-complex structure suitable for retail investors.",
    "confidence": 95,
    "risk_level": 4,
    "counter_argument": "Some might argue that the ESG and climate-aligned screening adds complexity, but these are transparent criteria applied to a standard equity index. The use of derivatives for EPM is explicitly permitted under MiFID II without triggering complexity, provided it does not materially alter the risk profile or require specialist knowledge.",
    "final_decision": "The ETF is classified as non-complex because it uses physical replication, has no leverage or inverse exposure, and employs derivatives only for standard portfolio management purposes. The ESG and climate-aligned features do not introduce complexity beyond what is typical for modern index-tracking funds."
}