{
    "fund_name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which is a key complexity indicator under MiFID II. While the underlying index (JPX-Nikkei 400) is a straightforward equity index, the use of swaps introduces counterparty risk and derivative exposure that may not be easily understood by retail investors. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and highlights counterparty risk as a material risk factor. The fact that the ETF is UCITS-compliant does not automatically exempt it from being classified as complex when derivatives are used for replication rather than just efficient portfolio management. The PRIIPs KID and factsheet confirm the synthetic replication method, reinforcing the complexity classification.",
    "confidence": 90
}