{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Nikkei 225 UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Nikkei 225 UCITS ETF aims to replicate the Nikkei 225 Index by physically holding the equity securities that make up the index in similar proportions, as explicitly stated in the KIID and factsheet. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. The Fund may use financial derivatives only to help achieve investment objectives, but this is for direct investment purposes and not as a core replication method, so derivative use is considered minimal and for risk management rather than strategy, thus derivatives = false. There is no leverage or inverse exposure; the Fund is a straightforward equity ETF with no gearing or amplified returns. The underlying assets are liquid, transparent Japanese equities, with no complex structured products or contingent bonds. The risk profile is medium-high (5 out of 7) reflecting equity market risk and currency risk, but not complexity from derivatives or leverage. The Fund is UCITS compliant, with a TER of 0.48%, no performance fees, and no complex fee structures. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Securities lending is used but only to offset costs and does not add complexity. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, with no capital protection or structured features. Therefore, under MiFID II, this ETF is classified as non-complex."
}