{
    "fund_name": "Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Currency hedging using derivatives",
        "Exposure to counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via financial derivative instruments (including total return swaps, currency forwards, and currency swaps) to achieve exposure to the STR benchmark. While the derivatives are primarily used for hedging and replication rather than leverage or inverse exposure, the use of swaps and the associated counterparty risk make this a complex product under MiFID II. The KIID explicitly mentions risks related to financial derivative instruments, including leverage risk, high volatility risk, valuation risk, and liquidity risk. The fact that the ETF is UCITS-compliant does not automatically exempt it from being classified as complex, as UCITS rules focus on investor protection rather than MiFID II's complexity assessment. The PRIIPs KID and factsheet confirm the synthetic replication method and the use of derivatives for hedging, reinforcing the complexity classification.",
    "confidence": 90
}