{
    "fund_name": "AMUNDI PRIME US CORPORATES - UCITS ETF DR - GBP HEDGED",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with sampled replication of the Solactive USD Investment Grade Corporate Index, which consists of liquid, investment-grade corporate bonds. While derivatives may be used for efficient portfolio management (EPM) such as handling inflows/outflows or currency hedging, this does not constitute a primary investment strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The underlying assets are straightforward corporate bonds, and the risk profile is transparent with a clear SRRI of 4. The KIID and factsheet indicate no complex structures, capital protection mechanisms, or hard-to-value assets. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "risk_level": 4,
    "counter_argument": "Some might argue that the use of derivatives for EPM could introduce complexity, but MiFID II explicitly allows for such usage without classifying the instrument as complex, provided it is not the primary strategy. The fund's transparency, liquidity, and straightforward investment objective outweigh this concern.",
    "additional_notes": "The PRIIPs KID and factsheet reinforce the non-complex nature by showing a clear risk-reward profile, physical replication, and no leverage or structured features. The fund's compliance with UCITS regulations further supports its suitability for retail investors."
}