{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI EURO STOXX 50 II UCITS ETF GBP Hedged Acc",
    "investment_objective": "Replicate the EUR-denominated EURO STOXX 50 Net Return Index with currency hedging to GBP",
    "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 Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS fund physically replicating the EURO STOXX 50 Net Return Index with a sampling technique allowed. The fund uses a daily currency hedging strategy to offset GBP/EUR exchange risk, implemented via an OTC swap agreement with counterparties such as Morgan Stanley Bank AG and Societe Generale. This introduces counterparty risk, capped at 10% of total assets, and swap exposure. There is no leverage or inverse exposure. The derivatives usage is limited to currency hedging rather than for investment strategy, so 'derivatives' is marked false. However, the presence of funded OTC swaps for currency hedging and explicit counterparty risk disclosures classify the fund as complex under MiFID II. The risk profile is medium-high (5/7), consistent with equity market risk and additional counterparty risk. Costs are straightforward with no performance fees, and ongoing charges are low (0.20%). The fund is UCITS compliant and invests primarily in liquid, transparent equity securities. The complexity arises mainly from the currency hedging swap and associated counterparty risk, which may not be easily understood by retail investors. No capital protection or leverage is present. The PRIIPs KID does not include a comprehension warning but confirms the medium-high risk and counterparty risk. The factsheet confirms physical replication and swap usage solely for currency hedging, not for synthetic replication of the equity index. Therefore, the fund is complex due to swap usage and counterparty risk, despite physical replication and no leverage."
}