{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Unfunded swap structure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps, which introduces counterparty risk and requires understanding of derivative mechanics. While the index itself (JPX-Nikkei 400) is relatively straightforward, the swap-based replication method and potential tracking error risks elevate the complexity. The PRIIPs KID confirms synthetic replication and highlights counterparty risk as a material factor. The absence of leverage or inverse exposure mitigates some complexity, but the derivative-based structure and counterparty dependencies are key complexity drivers under MiFID II.",
    "confidence": 90
}