{
    "name": "AMUNDI EURO STOXX 50 II UCITS ETF GBP 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 is classified as complex primarily due to the use of OTC swaps with counterparties (MORGAN STANLEY BANK AG, SOCIETE GENERALE) for hedging purposes, which introduces counterparty risk. While the replication method is physical, the presence of swap agreements and the associated counterparty risk (limited to 10% of total assets per UCITS guidelines) complicates the risk profile. Additionally, the currency hedging strategy, though standard for such products, adds a layer of complexity. The KIID explicitly mentions counterparty risk as a significant factor, and the factsheet confirms the use of swaps, which are not purely for efficient portfolio management but introduce additional risk elements.",
    "confidence": 85,
    "counterparty_risk": true,
    "currency_hedging": true,
    "risk_level": 4,
    "liquidity_risk": false,
    "structured_features": false,
    "illiquid_assets": false,
    "benchmark_complexity": false,
    "additional_notes": "While the ETF uses physical replication and does not employ leverage or inverse strategies, the use of swaps for hedging and the explicit mention of counterparty risk in the KIID and factsheet justify the 'complex' classification under MiFID II. The counterparty exposure, though limited, introduces risks that may not be easily understood by retail investors, aligning with the criteria for complexity."
}