{
    "fund_name": "Amundi PEA MSCI USA ESG Selection UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure from swap agreements",
        "Indirect replication methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the MSCI USA ESG Selection P-Series 5% Issuer Capped Index. This introduces counterparty risk and derivative exposure, which are key complexity indicators under MiFID II. While the ETF itself is not leveraged or inverse, the use of swaps for replication (rather than physical holding of underlying assets) makes it complex. The KIID explicitly mentions derivatives are integral to the investment strategy, and the fact sheet confirms synthetic replication. The risk profile includes counterparty risk, which further supports the complex classification. The ETF is UCITS-compliant, but this does not automatically make it non-complex when derivatives are used for core exposure rather than just risk management.",
    "confidence": 90
}