{
    "fund_name": "Amundi Smart Overnight Return UCITS ETF USD Hedged Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using derivatives",
        "Currency hedging via swaps",
        "Counterparty risk exposure from derivatives"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The ETF uses synthetic replication with derivatives (total return swaps, currency forwards/swaps) to track the STR benchmark, which triggers complexity under MiFID II. While the fund has no leverage or inverse exposure, the derivative usage for replication and currency hedging creates counterparty risk and requires understanding of swap mechanics. The fact sheet confirms synthetic replication, and the KIID mentions counterparty risk from derivatives. The risk profile (level 3) is moderate, but the derivative structure makes it complex for retail investors. The UCITS compliance doesn't override the complexity from derivative usage."
}