{
    "fund_name": "AMUNDI JPX-NIKKEI 400 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 from swap agreements",
        "Currency hedging complexity",
        "Potential tracking error from indirect replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the JPX-Nikkei 400 Index, which introduces counterparty risk and potential tracking error. While the underlying index consists of straightforward Japanese equities, the use of derivatives for replication and currency hedging makes the investment strategy more complex. The KIID mentions 'indirect replication' and 'financial derivative instruments' as integral to the strategy, which are key indicators of complexity under MiFID II. The fact sheet confirms 'synthetic' replication type, reinforcing this assessment. While the risk profile is relatively straightforward (equity market risk), the derivative-based replication method and hedging mechanisms add layers of complexity that may not be immediately apparent to retail investors.",
    "confidence": 90
}