{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan SRI UCITS ETF GBP Hedged (Acc)",
    "primary_asset_class": "equity",
    "geographic_focus": "Japan",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Japan SRI Select Reduced Fossil Fuel Index by investing directly in the equity securities that make up the index, using physical replication. The fund is UCITS compliant and uses derivatives only for currency hedging purposes (FX forward contracts), not for investment exposure or leverage. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage or inverse strategies. The underlying assets are equities of Japanese companies with ESG criteria, which are liquid and transparent. The risk profile is medium (risk level 6 in KIID, 4 in PRIIPs KID), reflecting equity market risk and sector/country concentration, but not complexity from derivatives or leverage. Costs are straightforward with a TER of 0.25%, no performance fees, and securities lending revenue sharing disclosed. The monthly factsheet confirms physical replication and no use of swaps or complex structured products. The hedging strategy uses FDIs solely for currency risk management, which does not trigger 'derivatives' complexity under MiFID II. No capital protection or structured features are present. No complexity flags such as contingent convertible bonds or complex indices are identified. Therefore, the ETF is classified as non-complex under MiFID II."
}