www.jpx.co.jp/equities/products/etfs/risk/02.html
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OTCスワップ型ETFの信用リスク（ETF） | 日本取引所グループ
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https://www.jpx.co.jp/equities/products/etfs/risk/02.html
About this page
This page describes the credit risks of OTC swap-type ETFs. OTC swap-type ETFs use total return swap contracts between ETF issuers and financial institutions to exchange index returns, eliminating tracking errors. However, counterparty credit risk exists. If the counterparty fails, collateral prevents losses, but suspension of return exchanges may cause NAV decline. Investors must verify counterparty creditworthiness. OTC swap-type ETFs listed on the Tokyo Stock Exchange implement risk mitigation measures, including limiting collateral to highly liquid assets like US Treasury bonds and segregated collateral management.
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