{
    "name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - EUR",
    "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 to track the JPX-Nikkei 400 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 replication type as 'synthetical.' While the ETF does not employ leverage or inverse strategies, the use of unfunded swaps and the associated counterparty risk make it a complex instrument under MiFID II. The risk profile includes significant counterparty risk disclosures, and the synthetic structure requires understanding of swap mechanics, which may not be straightforward for retail investors.",
    "confidence": 90,
    "counter_argument": "The ETF is UCITS-compliant and tracks a straightforward equity index without leverage or inverse exposure. The tracking error is minimal, and the underlying assets are liquid Japanese equities. However, the synthetic replication method and the explicit reliance on derivatives for performance delivery override these factors, as MiFID II explicitly flags synthetic ETFs with swap exposure as complex due to the additional risks involved.",
    "risk_level": "The SRRI risk level is not explicitly stated in the provided documents, but the presence of counterparty risk and derivative usage suggests a higher risk profile than a physically replicated ETF. The volatility of the underlying index (Japanese equities) is also a contributing factor."
}