{
    "fund_name": "AMUNDI EURO STOXX 50 II UCITS ETF GBP Hedged Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using OTC swaps",
        "Counterparty risk exposure (Morgan Stanley, Societe Generale)",
        "Potential complexity in understanding swap mechanics for retail investors"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy (tracking the EURO STOXX 50 index) but employs OTC swaps for currency hedging. While swaps introduce counterparty risk, the exposure is capped at 10% of assets per counterparty (Morgan Stanley, Societe Generale), which is within UCITS limits. The fund does not use leverage, inverse strategies, or complex derivatives beyond hedging. The underlying index (EURO STOXX 50) is a straightforward blue-chip equity index. The KIID and factsheet indicate a risk level of 4/7, which is moderate. The primary complexity factor is the swap-based currency hedging, but this is a common practice in hedged ETFs and does not materially alter the fund's risk profile from its underlying assets. The fund's transparency, liquidity, and regulatory compliance (UCITS) support a non-complex classification.",
    "confidence": 85
}