{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Euro Highest Rated Macro-Weighted Government Bond UCITS ETF Acc",
    "investment_objective": "Track the FTSE MTS Highest Rated Macro-Weighted Government Bond (Mid Price) index, representing eurozone government bonds with highest credit ratings, minimizing tracking error.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Eurozone",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Securities Lending"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS bond ETF physically replicating the FTSE MTS Highest Rated Macro-Weighted Government Bond index with direct and sampling replication. The KIID and factsheet confirm physical replication but also disclose the use of OTC swaps with Morgan Stanley Bank AG and Societe Generale, capped at 10% exposure, and a securities lending program. While derivatives are not used as an inherent part of the investment strategy but rather for optimization and securities lending, the presence of funded OTC swaps and counterparty risk exposure triggers complexity classification under MiFID II. There is no leverage or inverse exposure. The risk profile is medium-low (SRRI 3/7), but the complexity arises from swap usage and counterparty risk. No capital protection or structured features are present. Costs are straightforward with no performance fees. The PRIIPs KID does not include a comprehension warning, but the swap usage and counterparty risk disclosures in the factsheet and KIID support a complex classification. The underlying index is macro-weighted and may be complex, but the main complexity driver is the swap usage and counterparty exposure inherent in the ETF structure."
}