{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Global Aggregate Green Bond UCITS ETF Acc",
    "investment_objective": "Track the Solactive Green Bond EUR USD IG Benchmark Index, providing exposure to investment-grade green bonds denominated in EUR and USD.",
    "primary_asset_class": "Bond",
    "geographic_focus": "International, mainly EUR and USD denominated bonds from sovereigns, supranationals, development banks and corporates.",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of OTC swaps for counterparty exposure; Securities lending; Complex underlying green bond index",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF physically replicating the Solactive Green Bond EUR USD IG Index, investing primarily in investment-grade green bonds. The KIID and PRIIPs documents confirm physical replication with possible sampling and securities lending. However, the monthly factsheet explicitly states the use of OTC swaps with Morgan Stanley Bank AG and Societe Generale, with counterparty exposure capped at 10% of total assets, indicating synthetic elements. Although derivatives are used, they are for optimization rather than inherent strategy, so 'derivatives' is false. There is no leverage or inverse exposure. The underlying index is complex due to ESG screening and green bond criteria, which may be difficult for retail investors to fully understand. The risk profile is medium-low (3/7), but the presence of counterparty risk from swaps and securities lending, plus the complexity of the green bond universe and index methodology, triggers MiFID II complexity classification. No capital protection or structured features are present. Costs are straightforward with no performance fees, but securities lending and swap fees may apply. The PRIIPs KID does not include a comprehension warning but highlights liquidity and counterparty risks. Overall, the synthetic element via swaps and counterparty risk, combined with the complexity of the underlying green bond index, leads to a 'complex' classification under MiFID II despite physical replication being the primary method.",
    "risk_level_assessment": "The fund's stated risk level is medium-low (3/7), reflecting moderate market and credit risks typical of investment-grade bond funds. However, the presence of counterparty risk from OTC swaps and securities lending, plus the complexity of the green bond index, means the product may not be straightforward for all retail investors to understand, supporting the complex classification."
}