{
    "name": "AMUNDI EURO STOXX 50 II UCITS ETF USD 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 currency hedging, which introduces counterparty risk and requires understanding of derivative mechanics. While the replication method is physical, the daily USD hedging strategy and the explicit mention of counterparty risk in the KIID and factsheet indicate complexity under MiFID II rules. The presence of securities lending and sampling techniques further adds layers that may not be easily understood by retail investors.",
    "confidence": 85,
    "risk_level": 4,
    "counterparty_risk": true,
    "securities_lending": true,
    "hedging_strategy": "Daily USD hedging via derivatives",
    "benchmark_complexity": "Low (EURO STOXX 50 is a standard blue-chip index)",
    "liquidity_risk": "Moderate (dependent on market conditions and counterparty health)",
    "additional_notes": "Although the ETF uses physical replication, the combination of swaps for hedging, counterparty exposure, and potential sampling techniques pushes it into the 'complex' category under MiFID II. The factsheet explicitly mentions OTC swaps and counterparty risk, which are key complexity indicators."
}