{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty risk"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI JPX-NIKKEI 400 UCITS ETF utilizes an indirect replication methodology employing a total return swap (financial derivative instrument) to gain exposure to the JPX-Nikkei 400 Index. This reliance on swaps for replication is a key factor in classifying the ETF as complex, as it introduces counterparty risk and collateral risk, which are not easily understood by retail investors. While UCITS ETFs are generally presumed non-complex, the integral use of derivatives for achieving the investment objective triggers a complex classification according to MiFID II rules, specifically referencing the complexity introduced by derivative structures and the associated risks like counterparty default. The document explicitly states 'Derivatives are integral to the Sub-Fund's investment strategies.' Furthermore, the risk and reward profile mentions 'Counterparty risk: represents the risk of default of a market participant to fulfil its contractual obligations vis-u00e0-vis your portfolio.' and 'Hedging risk : The currency hedging may be imperfect and generate adifference between the performance of the Index and the share you are invested in.' These disclosures underscore the presence of complex derivative-related risks."
    }
}