{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The AMUNDI JAPAN TOPIX UCITS ETF uses an indirect replication methodology via a total return swap, which is a financial derivative instrument integral to the investment strategy. The KIID and PRIIPs KID explicitly state the use of total return swaps to deliver the performance of the TOPIX Index. The replication method is synthetic, not physical. There is no leverage or inverse exposure mentioned. The fund is UCITS compliant. The risk profile is medium (4 out of 7), reflecting market risk and counterparty risk due to swap usage. The risk disclosures highlight counterparty risk and liquidity risk, which are typical for synthetic ETFs. Costs are straightforward with no performance fees, but swap and derivative usage inherently add complexity. The underlying index is a broad Japanese equity index (TOPIX) with liquid, transparent securities, but the synthetic swap structure and counterparty exposure drive the MiFID II complexity classification. There are no capital protection or structured product features, no leverage, and no contingent bonds. The PRIIPs KID does not include a comprehension warning but confirms the derivative and swap usage. Therefore, despite a moderate risk profile and straightforward underlying assets, the synthetic replication via total return swaps and associated counterparty risk make this ETF complex under MiFID II."
}