{
    "fund_name": "Amundi MSCI China ESG Leaders Extra UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Use of OTC swaps for efficient portfolio management",
        "Counterparty risk exposure from swap agreements",
        "Potential complexity of underlying Chinese equities market"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method and tracks a straightforward equity index. While it does use OTC swaps (with Morgan Stanley and Societe Generale) for efficient portfolio management, these are within UCITS guidelines (=10% of assets) and are not for leverage or inverse exposure. The fund's risk profile is primarily market risk from Chinese equities, which is transparent. The use of derivatives is for EPM (efficient portfolio management) rather than as an inherent part of the strategy. The underlying index (MSCI China Select ESG Rating and Trend Leaders) is a standard equity index with no complex features. The fact sheet confirms physical replication and that the swaps are for risk management, not strategy. The SRRI is 3 (moderate risk), and the tracking error is minimal (0.14%). While there is counterparty risk from swaps, this is typical for UCITS ETFs and does not elevate the product to 'complex' status under MiFID II.",
    "confidence": 90
}