{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan UCITS ETF USD (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Japan Index by physically holding the underlying equity securities in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy, only a note that FDIs (financial derivative instruments) may be used to help achieve the investment objective, which is typical for risk management and does not imply inherent complexity. The fund does not employ leverage or inverse strategies, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium (4 out of 7 in PRIIPs KID), consistent with a straightforward equity index fund. Costs are simple with a low ongoing charge (0.12%) and no performance fees or complex fee structures. The monthly factsheet confirms physical replication and direct investment in Japanese equities, with no synthetic or swap-based structures. Counterparty risk is mentioned only in the context of safekeeping and securities lending, which is standard and does not elevate complexity. There are no capital protection or structured features. Overall, the fund exhibits characteristics of a non-complex UCITS ETF with transparent, physical replication of a liquid equity index."
}