{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - EUR",
    "investment_objective": "Track the performance of JPX-Nikkei 400 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": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps (financial derivative instruments) to achieve exposure to the JPX-Nikkei 400 Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance against the assets held. The replication method is synthetic, confirmed by the factsheet. There is no leverage or inverse exposure. The fund is UCITS compliant and invests in a liquid, transparent equity index of Japanese stocks. The risk profile is medium (4 out of 7), reflecting market risk and counterparty risk from swap counterparties. The KIID highlights counterparty risk and liquidity risk as relevant risks. Costs are straightforward with no performance fees, but swap usage implies derivative costs. No capital protection or structured features are present. The PRIIPs KID does not carry a specific complexity or comprehension warning but confirms derivative use. The synthetic replication and swap usage are the primary drivers of complexity under MiFID II, as these introduce counterparty risk and complexity beyond physical replication. The underlying assets are standard equities, so complexity arises from the replication method rather than the underlying assets themselves."
}