{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE Japan UCITS ETF (USD) Distributing",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE Japan UCITS ETF employs a passive, physical replication strategy by investing directly in the constituent securities of the FTSE Japan Index, using full replication or representative sampling where full replication is impracticable. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy. Derivatives may be used only for risk reduction or cost management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse exposure, or capital protection features. The fund invests in large and mid-sized Japanese equities, which are liquid and transparent. The risk profile is rated 6 in the KIID, reflecting equity market risk and currency risk, but this does not imply complexity under MiFID II. The PRIIPs KID explicitly states the fund is 'not simple and may be difficult to understand' but this is a standard warning for ETFs tracking foreign equity indices and does not indicate synthetic or leveraged structures. The factsheet confirms physical acquisition of securities, no use of swaps, and no leverage. Ongoing charges are low (0.15%) with no performance fees or complex fee structures. Counterparty risk disclosures relate to custody and limited derivative use for risk management, not synthetic replication. Overall, the fund's structure and strategy align with a non-complex classification under MiFID II criteria."
}