{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "derivatives": true,
    "swaps": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap to track the TOPIX Index, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the factsheet confirms the synthetic replication method. While the ETF does not employ leverage or inverse strategies, the use of swaps and the associated counterparty risk make it complex under MiFID II rules. The risk profile includes counterparty risk and hedging risk, further supporting the complexity classification.",
    "confidence": 90
}