{
    "fund_name": "Amundi Euro Government Green Bond UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "OTC Swaps with counterparties",
        "Counterparty Risk",
        "Use of Futures"
    ],
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication but also employs OTC swaps with counterparties (Morgan Stanley Bank AG, Societe Generale) and futures, which introduces counterparty risk and complexity. The factsheet explicitly mentions 'Counterparty Risk' due to the use of swaps, and while the exposure is limited to 10% of total fund assets per UCITS guidelines, the presence of these instruments and the associated risks make it complex under MiFID II. Additionally, the ETF tracks a specialized index (Solactive Euro Government Green Bond Index) with specific environmental criteria, which may not be easily understood by retail investors. The use of derivatives, even if limited, combined with the niche focus of the underlying assets, supports the classification as complex.",
    "confidence": 85,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "underlying_assets": "Government Green Bonds (investment grade, EUR-denominated)",
    "benchmark_complexity": "Moderate (specialized green bond index with specific eligibility criteria)"
}