{
    "name": "Amundi Global Government Bond II UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Counterparty Risk from Swaps",
        "Derivative Usage for Optimization"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to the use of OTC swaps with counterparties (Morgan Stanley Bank AG, Societe Generale) as disclosed in the factsheet, which introduces counterparty risk. While the primary replication method is physical, the use of derivatives (swaps) for optimization and the associated counterparty exposure (up to 10% of fund assets) introduces complexity beyond standard physical replication. The KIID also explicitly mentions risks related to financial derivative instruments, including leverage risk and liquidity risk, which further supports the complex classification. The factsheet confirms the presence of counterparty risk from swap agreements, which is a key complexity indicator under MiFID II.",
    "confidence": 85,
    "risk_level": "moderate",
    "counterparty_risk": true,
    "benchmark_complexity": "low",
    "liquidity_risk": "moderate",
    "additional_notes": "Although the ETF uses physical replication as its primary method, the use of swaps for optimization and the explicit mention of derivative-related risks in the KIID and factsheet justify the complex classification. The counterparty risk from swaps, even within UCITS limits, introduces an element of complexity that retail investors may not fully understand."
}