{
    "fund_name": "AMUNDI JPX-NIKKEI 400 UCITS ETF - DAILY HEDGED GBP",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure from swap agreements",
        "Currency hedging complexity",
        "Indirect replication methodology"
    ],
    "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 derivative exposure. While the index itself is a straightforward equity index, the use of swaps for replication and currency hedging adds complexity. The KIID explicitly mentions derivatives are integral to the investment strategy, and the fact sheet confirms synthetic replication. The risk profile includes counterparty risk and hedging risk, which are typical complexity indicators under MiFID II. While the ETF is UCITS-compliant and has a relatively low ongoing charge (0.18%), the derivative-based replication method and associated risks make it complex under MiFID II standards.",
    "confidence": 90
}