{
    "fund_name": "Amundi US Treasury Bond Long Dated UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Barclays US Long Treasury Index, with no evidence of leverage, inverse strategies, or complex derivatives. The KIID and factsheet confirm direct investment in underlying securities, with only sampling replication mentioned as an optimization technique. While there is a mention of counterparty risk related to securities lending and OTC swaps with Morgan Stanley and Societe Generale, the exposure is limited to 10% of total fund assets, which is within UCITS guidelines and does not introduce significant complexity. The risk profile is straightforward, focusing on credit and operational risks typical of bond ETFs. The SRRI risk level is moderate, and there are no capital protection mechanisms or structured features. The ETF is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "counter_argument": "The factsheet mentions OTC swaps with counterparties, which could suggest complexity. However, the limited exposure (10% of assets) and the primary use of physical replication outweigh this factor. The swaps appear to be used for operational efficiency rather than as a core strategy, aligning with UCITS guidelines and not introducing material complexity.",
    "risk_level": "The risk level is moderate (SRRI 4), consistent with a long-dated Treasury bond ETF, and does not indicate complexity under MiFID II."
}