{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI EURO STOXX 50 II UCITS ETF CHF Hedged Acc",
    "investment_objective": "Replicate the EUR-denominated EURO STOXX 50 Net Return Index with currency hedging to CHF",
    "primary_asset_class": "Equity",
    "geographic_focus": "Eurozone",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Currency Hedging via OTC Swap, Counterparty Risk",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS fund physically replicating the EURO STOXX 50 Net Return Index equities with a sampling technique allowed. The fund uses a daily currency hedging strategy to offset EUR/CHF exchange risk. The factsheet explicitly states the use of an OTC swap with Morgan Stanley Bank AG and Societe Generale to implement this currency hedge, exposing the fund to counterparty risk capped at 10% of total assets. There is no leverage or inverse exposure. The derivatives usage is limited to currency hedging swaps, not for investment strategy, so 'derivatives' is false. However, the presence of funded OTC swaps for currency hedging and associated counterparty risk triggers MiFID II complexity classification. The risk profile is medium-high (5/7), consistent with equity market risk and counterparty exposure. No capital protection or structured features are present. Costs are straightforward with no performance fees. The PRIIPs KID does not carry a comprehension warning but highlights liquidity and counterparty risks. Overall, the complexity arises from the use of OTC swaps for currency hedging and the associated counterparty risk, not from leverage or complex underlying assets."
}