{
    "name": "Amundi MSCI Smart Cities 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 ACWI IMI Smart Cities ESG Filtered Index, primarily through direct investments in underlying securities. While derivatives may be used for efficient portfolio management (e.g., handling inflows/outflows or improving index exposure), they are not a core part of the investment strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is aligned with standard equity market risks, and the KIID does not indicate any complex structures or capital protection mechanisms. The ETF is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": "Mentioned but not a primary driver of complexity due to standard securities lending and derivative use for EPM.",
    "benchmark_complexity": "The MSCI ACWI IMI Smart Cities ESG Filtered Index is a thematic index but does not inherently introduce complexity beyond standard equity exposure.",
    "additional_notes": "The ETF's use of derivatives is limited to EPM (efficient portfolio management) and does not introduce material complexity. The fund's transparency, liquidity, and straightforward replication method align with non-complex classification under MiFID II."
}