{
    "name": "AMUNDI JAPAN TOPIX UCITS ETF - DAILY HEDGED USD",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "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, which is a derivative instrument integral to its investment strategy. This introduces counterparty risk and complexity beyond simple physical replication. The KIID explicitly states that derivatives are integral to the fund's strategy, and the fact sheet 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.",
    "confidence": 90,
    "counter_argument": "The ETF tracks a straightforward equity index (TOPIX) and does not employ leverage or inverse strategies. The risk profile is moderate (SRRI 4), and the underlying assets are liquid Japanese equities. However, the use of synthetic replication via swaps introduces complexity that requires understanding of derivative instruments and counterparty risk, which is not typical for non-complex instruments.",
    "risk_level": 4,
    "benchmark_complexity": "low",
    "liquidity_risk": "moderate",
    "counterparty_risk": "high",
    "tracking_error": "low"
}