{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - JPY",
    "investment_objective": "Track the performance of JPX-Nikkei 400 Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "synthethic",
    "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, confirming synthetic replication. There is no leverage or inverse exposure. The underlying assets are Japanese equities, which are liquid and transparent, but the use of total return swaps introduces counterparty risk and complexity. The risk profile is medium (4 out of 7), with specific counterparty risk and liquidity risk disclosures. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The PRIIPs KID does not carry a specific comprehension warning but confirms the use of derivatives as an inherent part of the strategy. The factsheet confirms synthetic replication and swap usage. According to MiFID II criteria, any use of swaps for replication classifies the ETF as complex, regardless of leverage or risk rating. The ETF does not have capital protection or structured features, nor does it invest in complex underlying assets like contingent bonds. However, the synthetic replication via total return swaps and associated counterparty risk are sufficient to classify it as complex under MiFID II."
}