{
    "fund_name": "Amundi MSCI Japan UCITS ETF EUR Hedged Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging via OTC swaps with counterparty risk",
        "Potential for imperfect hedging leading to performance divergence",
        "Counterparty risk from swap agreements (Morgan Stanley, Societe Generale)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for its core equity exposure and employs derivatives (specifically OTC swaps) solely for currency hedging purposes. While this introduces counterparty risk, the derivatives usage is straightforward and limited to efficient portfolio management rather than for leverage or complex strategies. The fund's risk profile remains transparent and aligned with its underlying index, with no evidence of sophisticated derivative strategies that would require specialist knowledge. The fact that it's UCITS-compliant and uses derivatives only for hedging purposes supports a non-complex classification under MiFID II.",
    "confidence": 85
}