{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core MSCI Japan IMI UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the MSCI Japan Investable Market Index (IMI) using physical replication with an optimised sampling technique. The KIID and PRIIPs KID documents confirm the use of physical equity securities rather than synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. While the fund may use financial derivative instruments (FDIs) for direct investment purposes or to help achieve the investment objective, this is limited and not a core element of the strategy, thus derivatives are considered non-complex and used for risk management rather than exposure. The fund does not employ leverage, inverse or amplified exposure, and the risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk and counterparty risk related to safekeeping, not complex derivatives). The portfolio consists of nearly 1,000 holdings of Japanese equities, with no complex underlying assets such as contingent convertible bonds or CLOs. There are no capital protection or structured features. Costs are straightforward with a low ongoing charge of 0.12%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no synthetic or swap-based structure. The fund is UCITS compliant and regulated by the Central Bank of Ireland. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and does not use leverage or complex derivatives as a core strategy. Therefore, under MiFID II, this ETF is classified as non-complex."
}