{
    "name": "Amundi Global Aggregate Green Bond UCITS ETF EUR Hedged Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Counterparty Risk from Swaps",
        "Currency Hedging Strategy",
        "Securities Lending"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses physical replication but engages in securities lending and has counterparty risk exposure from OTC swaps with Morgan Stanley Bank AG and Societe Generale, which introduces complexity. Additionally, the currency hedging strategy and potential tracking error risks contribute to the complexity. While the ETF is UCITS-compliant and primarily invests in green bonds, the use of derivatives for hedging and securities lending, along with counterparty risks, aligns with MiFID II criteria for complex instruments.",
    "confidence": 85,
    "risk_level": 4,
    "counter_argument": "The ETF could be argued as non-complex due to its physical replication and straightforward investment in green bonds. However, the presence of counterparty risk from swaps and the hedging strategy, which requires understanding of currency risk management, tips the balance toward complexity under MiFID II rules."
}