{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Janus Henderson Tabula Japan High Conviction Equity UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, actively managed equity ETF investing primarily in 20-30 Japanese companies' equity securities. The replication method is physical, with direct investment in underlying securities rather than synthetic replication or swap-based structures. Derivatives are only used for hedging currency risk (forward FX contracts) and not as an inherent part of the investment strategy, so derivatives exposure is minimal and risk-reducing rather than complexity-driving. There is no leverage, inverse exposure, or capital protection features. The risk rating is 6, reflecting equity market and concentration risk, but this does not alone indicate complexity under MiFID II. No references to swaps, total return swaps, or counterparty risk are present. Costs are straightforward with a single ongoing charge of 0.49% and no performance fees or swap fees. The fund invests directly in liquid, transparent equity securities with no complex underlying assets such as contingent convertible bonds or CLOs. The fund's benchmark indices (MSCI Japan and TOPIX) are used only for performance comparison and do not drive complex replication. The PRIIPs KID was unavailable, but the KIID and factsheet provide sufficient detail to conclude non-complexity. The fund's active management and concentrated portfolio do not in themselves trigger complexity classification under MiFID II."
}