{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan Small Cap UCITS ETF USD (Dist)",
    "investment_objective": "To track the MSCI Japan SmallCap Index through a combination of capital growth and income",
    "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 SmallCap Index primarily through physical investment in the underlying equity securities, using optimising techniques such as strategic selection or representative sampling. The KIID and PRIIPs documents mention the possible use of financial derivative instruments (FDIs) but only for direct investment purposes, not as a core synthetic replication method. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is medium (4 out of 7 in PRIIPs, 6 in KIID but this is due to small cap equity risk, not complexity). The fund is UCITS compliant, uses physical replication, invests directly in liquid equity securities, and does not have capital protection or structured features. The monthly factsheet confirms physical product structure and no synthetic replication. Securities lending is used but this is a common practice and does not increase complexity classification. No contingent bonds or complex underlying assets are held. Overall, the fund exhibits a straightforward index-tracking strategy with minimal derivative use for risk management, no leverage, and no complex features, leading to a non-complex classification under MiFID II."
}