{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The AMUNDI GLOBAL TREASURY BOND UCITS ETF GBP Hedged Dist is a UCITS-compliant ETF that tracks the Bloomberg Global Aggregate Treasuries Index using a physical replication method, specifically a sampled replication model. It invests directly in transferable securities representing the index constituents in proportions close to the index. The ETF may use derivatives only for efficient portfolio management (EPM) purposes such as managing inflows/outflows or better exposure to index constituents, but these uses are limited and do not form an integral part of the investment strategy. Securities lending is employed as a secondary feature to generate additional income but is managed within UCITS rules and does not dominate the risk profile. There is no significant leverage beyond UCITS limits, no embedded derivatives, and the index tracked is transparent and straightforward (a treasury bond index). The risks disclosed relate mainly to market risk, credit risk, liquidity risk, and operational risk, all typical for bond ETFs and easily understandable by retail investors with basic knowledge. According to MiFID II Article 254, Delegated Regulation EU 2017/565 Article 57, and ESMA guidelines, such an ETF is presumed non-complex because it uses physical replication, limited derivative use for EPM only, no embedded derivatives or leverage, and has transparent, comprehensible risks. Therefore, no appropriateness assessment or comprehension alert is required for retail investors under MiFID II. This classification aligns with the regulatory framework that UCITS ETFs with physical replication and limited derivative use for EPM are non-complex, as derivatives are not integral to the strategy and counterparty risk is minimal or absent. The ETF does not embed complex features such as synthetic replication, structured products, or contingent convertible bonds that would trigger complexity. Hence, the classification is non-complex."
}