{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Euro Highest Rated Macro-Weighted Government Bond 1-3Y UCITS ETF",
    "investment_objective": "To reflect the performance of the FTSE MTS Highest Rated Macro-Weighted Government Bond 1-3Y (Mid Price) Index, representing highly rated Eurozone government bonds with 1-3 year maturities, weighted by macroeconomic indicators.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Eurozone",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Swaps",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF physically replicating the FTSE MTS Highest Rated Macro-Weighted Government Bond 1-3Y Index, investing primarily in Eurozone AAA and AA sovereign bonds. The KIID and factsheet confirm physical replication with direct purchase of underlying securities and possible sampling. However, the 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. The derivatives mentioned are used for optimization and risk management rather than as an inherent element of the investment strategy, so 'derivatives' is false. There is no leverage, inverse or amplified exposure. The risk profile is low (SRRI 2/7), consistent with a straightforward bond ETF. Costs are simple with no performance fees, and ongoing charges are low (0.165%-0.17%). The PRIIPs KID does not include any comprehension warnings or complexity flags. Despite the low risk and physical replication, the presence of OTC swaps and counterparty risk exposure triggers MiFID II complexity classification. No capital protection or structured features are present. The underlying assets are liquid sovereign bonds with no complex structured products. Therefore, the ETF is classified as complex primarily due to the use of OTC swaps and associated counterparty risk exposure."
}