{
    "name": "Amundi MSCI Europe ESG Leaders 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 Europe ESG Leaders Select 5% Issuer Capped Index, which consists of large and mid-cap European equities selected based on ESG criteria. The KIID and factsheet indicate that the fund primarily invests in the underlying securities of the index, with potential use of sampling replication and securities lending. While there is a mention of financial derivative instruments in the KIID, the factsheet clarifies that these are likely used for efficient portfolio management (e.g., securities lending) rather than as a core strategy. The risk profile is moderate (SRRI 4), and there are no indications of leverage, inverse strategies, or complex underlying assets. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The counterparty risk mentioned is limited and in line with UCITS guidelines (=10% exposure).",
    "confidence": 90,
    "counter_argument": "The KIID mentions the use of financial derivative instruments, which could suggest complexity. However, the factsheet clarifies that derivatives are not used for leverage or synthetic replication but rather for ancillary purposes like securities lending. The fund's physical replication and straightforward ESG equity strategy outweigh this minor derivative usage, supporting a non-complex classification.",
    "risk_level": 4
}