{
    "name": "AMUNDI EURO STOXX 50 II UCITS ETF CHF Hedged Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Counterparty Risk from Swaps",
        "Currency Hedging Strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses physical replication but employs swaps for currency hedging, which introduces counterparty risk. The KIID explicitly mentions exposure to counterparty risk from swap agreements with Morgan Stanley Bank AG and Societe Generale, though limited to 10% of total assets per UCITS guidelines. While the primary replication method is physical, the use of OTC swaps for hedging purposes and the associated counterparty risk make this a complex instrument under MiFID II. The factsheet confirms the use of swaps and highlights the risks associated with them, reinforcing the complexity classification.",
    "confidence": 85,
    "risk_level": 5,
    "counterparty_risk": true,
    "currency_hedging": true,
    "benchmark_complexity": "low",
    "liquidity_risk": "moderate",
    "capital_protection": false,
    "structured_features": false,
    "cost_structure": "simple",
    "counter_argument": "The ETF primarily uses physical replication and has a straightforward benchmark, which could suggest non-complex classification. However, the use of swaps for hedging introduces material counterparty risk, which is a key complexity indicator under MiFID II. The presence of this risk, even if limited, necessitates classification as complex due to the potential for significant impact on performance and the need for investor understanding of these risks.",
    "final_reasoning": "The ETF is classified as complex due to the use of swaps for hedging, which introduces counterparty risk. This risk, even when managed within UCITS limits, requires investors to understand the implications of derivative usage and potential counterparty default, which are not straightforward for retail investors."
}