{
    "fund_name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - JPY",
    "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",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which introduces counterparty risk and derivative exposure. While the underlying index (JPX-Nikkei 400) is a straightforward equity index, the use of swaps for replication makes the structure more complex. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and highlights counterparty risk as a material risk. The PRIIPs KID and factsheet confirm the synthetic replication method, reinforcing the complexity classification. The fund is UCITS-compliant, but the derivative usage for replication (not just hedging) triggers the 'complex' classification under MiFID II.",
    "confidence": 90
}