{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to track the TOPIX index, which introduces counterparty risk and complexity beyond simple physical replication. While the fund is UCITS-compliant and has a straightforward equity index objective, the use of derivatives for replication and currency hedging makes it complex under MiFID II. The KIID explicitly mentions counterparty risk and hedging imperfections, which are key complexity indicators. The fact sheet confirms synthetic replication, reinforcing the complexity classification.",
    "confidence": 90
}