{
    "fund_name": "AMUNDI JAPAN TOPIX UCITS ETF - DAILY HEDGED EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure from swap agreements",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the TOPIX index, which introduces counterparty risk and derivative exposure. While the fund is UCITS-compliant and has a straightforward equity index tracking objective, the use of swaps for replication (rather than physical holding of underlying securities) triggers the 'complex' classification under MiFID II. The KIID explicitly mentions derivative instruments as integral to the strategy and highlights counterparty risk, which are key complexity indicators. The fact sheet confirms the synthetic replication method, reinforcing this assessment.",
    "confidence": 90,
    "counter_argument": "One could argue that since the fund is UCITS-compliant and tracks a mainstream equity index, it should be considered non-complex. However, MiFID II specifically identifies synthetic replication via swaps as a complexity factor, overriding this argument in this case.",
    "risk_profile": "The fund's risk profile is primarily driven by equity market risk (Japan), with additional risks from synthetic replication (counterparty risk) and currency hedging. The SRRI level (not specified in the provided documents) would likely be in the mid-range (3-5), reflecting the combination of equity market risk and derivative-related risks."
}