{
    "fund_name": "Amundi US Treasury Bond 1-3Y UCITS ETF GBP Hedged Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using OTC swaps",
        "Counterparty risk from swap agreements",
        "Potential complexity in understanding swap mechanics"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Barclays US Treasury 1-3 Year Index, which is a straightforward bond index. While it employs OTC swaps for currency hedging, this is a common practice in UCITS-compliant ETFs and does not significantly alter the fund's risk profile. The swap exposure is limited to 10% of total assets, and the underlying assets (US Treasury bonds) are highly liquid and transparent. The fund's risk profile is rated as 'lower risk' in the KIID, and the use of derivatives is primarily for efficient portfolio management rather than creating additional complexity. The fact that it is UCITS-compliant and uses physical replication for the core strategy supports the non-complex classification.",
    "confidence": 85
}