{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Global Government Bond II UCITS ETF Dist",
    "investment_objective": "To reflect the performance of the FTSE G7 and EMU Government Bond Index - Developed Markets, tracking fixed-rate, investment-grade sovereign bonds issued in local currencies by developed market governments.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Developed Markets (G7 and EMU countries)",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of OTC swaps for counterparty exposure",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF physically replicating the FTSE G7 and EMU Government Bond Index with a sampling strategy. The KIID and factsheet confirm physical replication but also disclose the use of OTC swaps with counterparties Morgan Stanley Bank AG and Societe Generale, with counterparty exposure capped at 10% of fund assets. The derivatives are used as part of replication optimization or risk management but the presence of funded or unfunded swaps and counterparty risk exposure triggers complexity under MiFID II. There is no leverage or inverse exposure. The risk profile is medium-low (3/7), but the use of swaps and counterparty risk disclosures, along with derivative-related risk warnings, indicate complexity. Costs are straightforward with no performance fees and low ongoing charges. The underlying assets are investment-grade sovereign bonds, which are liquid and transparent, but the swap usage and counterparty risk elevate the complexity classification. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms the risk and cost profile consistent with the KIID. Overall, the presence of OTC swaps and counterparty risk exposure, even if limited, mandates classification as complex under MiFID II rules.",
    "risk_level": 3
}