{
    "name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - DAILY HEDGED USD",
    "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 a total return swap, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the fact sheet confirms the synthetic replication method. While the ETF does not employ leverage or inverse strategies, the use of unfunded swaps for replication purposes qualifies it as complex under MiFID II due to the additional risks and complexity introduced by the derivative structure.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "hedging_risk": true,
    "liquidity_risk": true,
    "operational_risk": true,
    "benchmark_complexity": "moderate",
    "underlying_assets": "Japanese equities (liquid and transparent)",
    "additional_notes": "Although the ETF tracks a straightforward equity index and does not use leverage, the synthetic replication via swaps introduces complexity that requires investors to understand counterparty risk and the mechanics of derivative-based replication. The presence of hedging risk (currency hedging) and operational risks further supports the classification as complex."
}