{
    "fund_name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - DAILY HEDGED GBP",
    "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 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 (SRRI 4) and the presence of counterparty risk warnings further support this classification.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "hedging_risk": true,
    "benchmark_complexity": "The JPX-Nikkei 400 Index is a standard equity index, but the synthetic replication adds complexity.",
    "additional_notes": "Although the ETF is UCITS-compliant and does not use leverage, the synthetic replication method and the associated risks (counterparty, hedging) make it a complex instrument under MiFID II. The factsheet and KIID both highlight the use of derivatives and swaps, which are key indicators of complexity."
}