{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Global Aggregate Green Bond UCITS ETF GBP Hedged Dist",
    "investment_objective": "Track the Solactive Green Bond EUR USD IG Index, providing exposure to investment-grade green bonds denominated in EUR and USD, with a GBP currency hedge to reduce currency risk.",
    "primary_asset_class": "Bond",
    "geographic_focus": "International, with holdings in sovereigns, supranationals, development banks, and corporates mainly in Europe and the US",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Swaps, Currency Hedging",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF physically replicating the Solactive Green Bond EUR USD IG Index. It invests primarily in investment-grade green bonds. The replication method is physical with possible sampling. However, the factsheet explicitly states the use of OTC swaps with counterparties Morgan Stanley Bank AG and Societe Generale to manage exposure, with counterparty risk capped at 10% of fund assets. The fund also employs a daily GBP currency hedging strategy, which involves derivative instruments but is described as a risk management tool rather than an inherent part of the investment strategy. The KIID and PRIIPs documents confirm no leverage or inverse exposure. The risk profile is moderate-low (SRRI 3/7), with a portfolio volatility around 4-7%. The fund uses securities lending and swap agreements, which introduce counterparty risk and derivative complexity. Although derivatives are used for hedging and replication optimization, the presence of OTC swaps and counterparty risk exposure triggers MiFID II complexity classification. There is no capital protection or structured product features. The fund tracks a complex index of green bonds, which may be less liquid and harder to value than standard bond indices, adding to complexity. Costs are straightforward with a 0.30% ongoing charge and no performance fees. The PRIIPs KID does not carry a specific comprehension warning but highlights market liquidity and counterparty risks. Overall, the use of OTC swaps and counterparty exposure, combined with currency hedging and the complexity of the underlying green bond index, leads to a classification of 'complex' under MiFID II despite physical replication and moderate risk profile."
}