{
    "name": "Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Total Return Swaps",
        "Counterparty Risk",
        "Currency Hedging"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps and other derivatives (currency forwards, interest rate swaps) to track the EURSTR benchmark. While the objective is straightforward (tracking an overnight rate), the use of unfunded swaps introduces counterparty risk and complexity beyond simple physical replication. The KIID explicitly mentions financial derivative instruments and counterparty exposure, which are key complexity indicators under MiFID II. The fact sheet confirms the synthetic replication method and highlights the use of collateral to mitigate counterparty risk, further indicating derivative usage.",
    "confidence": 90,
    "risk_level": 3,
    "counterparty_risk": true,
    "benchmark_complexity": "low",
    "liquidity_risk": "low",
    "additional_notes": "While the ETF itself is not leveraged and tracks a simple overnight rate, the synthetic replication method and derivative usage for hedging purposes make it a complex instrument under MiFID II. The presence of counterparty risk and the need for collateral management add layers of complexity that retail investors may not fully understand."
}