{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication via total return swaps, counterparty risk, and collateral risk not easily understood by retail investors.",
        "classification": "complex",
        "supporting_data": "The Amundi JPX-Nikkei 400 UCITS ETF uses an indirect replication methodology involving a total return swap (TRS). This means the ETF does not physically hold the underlying Japanese equities in the JPX-Nikkei 400 Index. Instead, it gains exposure through a financial derivative instrument. The KID states derivatives are 'integral to the Sub-Fund's investment strategies'. This use of a total return swap introduces counterparty risk, as the ETF's performance depends on the swap provider's ability to fulfill its obligations. ESMA and the MiFID II guidelines generally consider this type of structure as complex as it relies on derivative instruments, which retail investors may not easily understand, which is a key determinant for MiFID II. The use of derivatives for replication purposes automatically classes this fund as complex."
    }
}