{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi FTSE 100 UCITS ETF USD Hedged Acc",
    "investment_objective": "Track the FTSE 100 Total Return Index (net dividends reinvested) with USD currency hedging",
    "primary_asset_class": "Equity",
    "geographic_focus": "United Kingdom (UK)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk",
        "Currency hedging"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via an over-the-counter swap contract (financial derivative instrument) to achieve its investment objective, explicitly described as synthetic replication. The fund enters into OTC swap agreements with counterparties such as Morgan Stanley Bank AG and Societe Generale, with counterparty exposure limited to 10% of total assets, indicating significant counterparty risk. The fund employs a daily currency hedging strategy to reduce USD/GBP currency risk, adding complexity. The risk profile is medium (4/7), with explicit mention of counterparty risk and derivative-related risks. No leverage or inverse exposure is present, and the underlying assets are equities of large UK companies. The fund is UCITS compliant. The use of swaps for replication, counterparty risk, and currency hedging classify this ETF as complex under MiFID II, despite the absence of leverage or complex underlying assets. The PRIIPs KID confirms a medium risk level and no capital protection or structured features. The factsheet confirms synthetic replication and counterparty risk exposure. There is no mention of contingent bonds or structured products. The derivative use is inherent to the strategy (swap-based replication), not merely for risk management, so derivatives flag is false only if derivatives are used solely for risk management, which is not the case here. Therefore, derivatives = false (used for replication), swaps = true, replication_method = synthetic, classification = complex.",
    "risk_level": 4
}