{
    "name": "AMUNDI JAPAN TOPIX UCITS ETF - DAILY HEDGED GBP",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Total Return Swaps",
        "Counterparty Risk",
        "Indirect Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which introduces counterparty risk and derivative exposure as integral parts of its investment strategy. The KIID explicitly states that derivatives are integral to the fund's investment strategy, and the factsheet confirms the replication type as synthetic. While the fund does not employ leverage or inverse strategies, the use of swaps and the associated counterparty risk, along with the indirect replication methodology, make it complex under MiFID II rules. The presence of hedging risk and operational risks further supports this classification.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "hedging_risk": true,
    "operational_risk": true,
    "benchmark_complexity": "low",
    "underlying_assets": "Japanese equities (TOPIX Index)",
    "additional_notes": "Although the ETF tracks a straightforward equity index and does not use leverage, the synthetic replication via swaps and the associated risks (counterparty, hedging, operational) are sufficient to classify it as complex under MiFID II. The fund's risk level (SRRI 4) and the disclosure of counterparty risk in the KIID further reinforce this classification."
}