{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI EURO STOXX 50 II UCITS ETF USD Hedged Acc",
    "investment_objective": "Replicate the EUR-denominated EURO STOXX 50 Net Return Index with currency hedging to reduce USD/EUR exchange risk",
    "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 with a sampling technique allowed. The fund uses a daily currency hedging strategy to offset USD/EUR exchange risk, implemented via an OTC swap agreement with counterparties such as Morgan Stanley Bank AG and Societe Generale. The KIID and factsheet explicitly mention counterparty risk related to OTC swaps, with exposure capped at 10% per counterparty. There is no leverage, inverse or structured capital protection mechanism. 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 risk. Costs are straightforward with no performance fees and low ongoing charges (0.20%). The fund invests directly in liquid, transparent equity securities of the Eurozone. The complexity arises primarily from the currency hedging swap and counterparty exposure, which may not be easily understood by retail investors. No leverage or inverse exposure is present. The PRIIPs KID does not carry a specific comprehension warning but notes market liquidity risk and counterparty risk. Overall, the fund is complex under MiFID II due to the use of OTC swaps for currency hedging and related counterparty risk, despite physical replication and straightforward equity exposure."
}