{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Global Aggregate Green Bond UCITS ETF EUR Hedged 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, with currency hedging to EUR.",
    "primary_asset_class": "Bond",
    "geographic_focus": "International (mainly Europe and US, including sovereigns, supranationals, development banks, corporates)",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of OTC swaps for currency hedging, securities lending, exposure to green bonds with ESG criteria",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS bond ETF physically replicating the Solactive Green Bond EUR USD IG Index with a sampling strategy. The fund uses OTC swaps with Morgan Stanley Bank AG and Societe Generale to hedge currency risk (EUR hedged share class). The factsheet explicitly states counterparty risk exposure due to OTC swaps, with counterparty exposure capped at 10% of total assets. The KIID and PRIIPs KID confirm the use of securities lending and derivative instruments for hedging purposes. There is no leverage or inverse exposure. The risk profile is moderate (SRRI 3/7), reflecting bond market and credit risks. Although derivatives are used for hedging rather than as an inherent part of the investment strategy, the presence of OTC swaps and counterparty risk triggers MiFID II complexity classification. The fund invests in green bonds which may have ESG-related complexity but are investment grade and liquid. No capital protection or structured features are present. Costs are straightforward with no performance fees, but securities lending and swap costs exist. The PRIIPs KID does not carry a comprehension warning but highlights counterparty and liquidity risks. Overall, the use of OTC swaps for currency hedging and securities lending with counterparty risk exposure leads to classification as complex under MiFID II despite physical replication and moderate risk profile."
}