{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanguard FTSE Japan UCITS ETF (EUR Hedged Accumulating) is a UCITS-compliant ETF domiciled in Ireland that physically replicates the FTSE Japan Index by investing directly in the underlying securities or using representative sampling when full replication is impracticable. The KIID and PRIIPs KID confirm that derivatives may be used only for risk reduction, cost efficiency, or generating additional income, not as an inherent part of the investment strategy, and no synthetic replication or swap agreements are mentioned. There is no leverage, inverse exposure, or capital protection features. The risk rating is 6 on a 7-point scale in the KIID but 4 in the PRIIPs KID, reflecting market and currency risks rather than structural complexity. The fund uses currency hedging techniques but does not eliminate currency risk entirely. The factsheet confirms physical acquisition of securities, no use of funded or unfunded swaps, and no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a 0.20% ongoing charge and no performance fees or swap fees. Counterparty risk disclosures relate to standard operational risks, not to synthetic structures. There is no mention of roll costs, contango, or backwardation effects. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and invests in liquid, transparent securities. Therefore, under MiFID II criteria, it is classified as non-complex."
}