{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk",
            "Daily Hedging"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI JAPAN TOPIX UCITS ETF - DAILY HEDGED GBP is classified as complex primarily because it employs an 'Indirect Replication methodology' using a 'total return swap (financial derivative instrument)' to track the TOPIX Index. MiFID II rules, particularly those elaborated by ESMA, consider the use of derivatives as integral to a strategy to confer complexity, due to associated risks such as counterparty risk and collateral risk, which are difficult for retail investors to understand. While the ETF aims to track an equity index, the method of replication using derivatives means its structure and risks are not as straightforward as physical replication. The KIID explicitly mentions 'Counterparty risk' and 'Hedging risk' as important risks not adequately captured by the risk indicator, further reinforcing the complex classification. Therefore, it would require a 'comprehension alert' in its Key Investor Information Document."
    }
}