{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Global Government Inflation-Linked Bond 1-10Y UCITS ETF GBP Hedged Dist",
    "investment_objective": "To track the Bloomberg Barclays Global Inflation-Linked 1-10 Year Index (USD), representing government local currency inflation-linked debt from developed markets, with minimized tracking error.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Developed market countries, global",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Swap usage for currency hedging",
    "classification": "complex",
    "supporting_data": "The ETF physically replicates the underlying inflation-linked government bonds primarily via direct investment and sampling. However, it uses OTC swaps with counterparties (Morgan Stanley Bank AG, Societe Generale) to implement a daily GBP currency hedging strategy. The factsheet explicitly states counterparty risk exposure due to these OTC swaps, with counterparty exposure capped at 10% of total assets in line with UCITS rules. There is no leverage or inverse exposure, and the risk profile is low (SRRI 2/7). The derivatives usage is limited to currency hedging rather than for investment strategy, so 'derivatives' is marked false. Nonetheless, the presence of funded OTC swaps for currency hedging triggers MiFID II complexity classification. The fund is UCITS compliant and an ETF. The risk disclosures mention counterparty risk and hedging risk, but no capital protection or structured features. Costs are straightforward with no performance fees. The underlying index is a standard Bloomberg Barclays inflation-linked bond index, not complex in itself. The complexity arises mainly from the swap-based currency hedging mechanism, which introduces counterparty risk and derivative exposure beyond simple physical replication. Therefore, despite a low risk profile and physical bond holdings, the ETF is classified as complex under MiFID II due to the funded swap usage for currency hedging."
}