{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco JPX-Nikkei 400 UCITS ETF",
    "investment_objective": "To achieve the performance of the JPX-Nikkei 400 Net Total Return Index, less fees, expenses and transaction costs.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses unfunded swaps to achieve its investment objective, exchanging the performance of a basket of equities held by the Fund for the performance of the JPX-Nikkei 400 Index. The Fund explicitly states the use of synthetic replication via swap agreements without collateral (unfunded swaps). The Fund holds securities not contained in the index and relies on counterparties to deliver index performance, introducing counterparty risk. There is no leverage or inverse exposure. The risk profile is medium-high (risk category 6 out of 7), reflecting the volatility of equities and the additional risks from swap counterparties. The PRIIPs KID confirms the swap usage and counterparty risk, and the factsheet reiterates synthetic replication and swap fees. The Fund is UCITS compliant but the synthetic structure and swap usage classify it as complex under MiFID II. There are no capital protection features or leverage. Derivatives are used as an inherent part of the strategy, not just for risk management, so derivatives flag is false only if used for risk management, but here swaps are core to replication, so swaps=true and classification=complex. No leverage or inverse exposure is present. The complexity arises mainly from synthetic replication and counterparty risk, which may be difficult for retail investors to fully understand."
}