{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI JAPAN TOPIX UCITS ETF - DAILY HEDGED EUR",
    "investment_objective": "Track the performance of TOPIX Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk exposure",
        "Currency hedging strategy using derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method investing in total return swaps to achieve exposure to the TOPIX Index, which is a synthetic replication method. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance. The fund is UCITS compliant but carries counterparty risk due to swap usage. There is no leverage or inverse exposure. The risk profile is medium (4/7), reflecting market and counterparty risks. The currency hedging strategy also involves derivatives, adding to complexity. The factsheet confirms synthetic replication and swap usage. No capital protection or structured features are present. The presence of total return swaps and counterparty risk exposure mandates classification as complex under MiFID II, despite the fund's straightforward equity index objective and moderate risk rating."
}