{
    "fund_name": "Amundi Global Aggregate Green Bond UCITS ETF GBP Hedged Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "FX hedging using swaps",
        "Green bond index complexity",
        "Counterparty risk from swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core strategy but employs OTC swaps for currency hedging with Morgan Stanley and Societe Generale. While swaps introduce counterparty risk, the exposure is capped at 10% of assets per counterparty under UCITS rules. The underlying index (Solactive Green Bond EUR USD IG) tracks investment-grade green bonds, which are relatively straightforward fixed-income instruments. The FX hedging is a common practice in ETFs and doesn't materially alter the risk profile. The fund's risk profile (SRRI 2) is low, and the complexity factors are limited to the hedging mechanism rather than the core investment strategy. The fact that it's UCITS-compliant and physically replicated supports the non-complex classification.",
    "confidence": 85,
    "counter_argument": "Some might argue the swap usage makes it complex, but under MiFID II, derivatives used for hedging (not leverage or inverse exposure) and within UCITS limits typically don't trigger complexity. The core strategy remains straightforward bond tracking.",
    "risk_level": "low"
}