{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Vanguard FTSE Japan UCITS ETF (USD Hedged Accumulating)",
    "investment_objective": "Passive management through physical acquisition of securities to track the FTSE Japan Index",
    "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 physically acquires securities to track the FTSE Japan Index, using full replication or sampling only when full replication is impracticable. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund uses derivatives only for risk reduction, cost management, or generating additional income, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and currency hedging, not complexity). The fund is UCITS compliant and domiciled in Ireland. The factsheet confirms physical replication and no use of swaps or synthetic structures. Costs are straightforward with a single ongoing charge figure (0.20%) and no performance fees or swap fees. The PRIIPs KID states the fund is 'not simple and may be difficult to understand' due to market risks and currency hedging, but this does not translate into complexity under MiFID II as per the criteria. No capital protection or structured features are present. Counterparty risk is limited to custodial and derivative counterparties but derivatives are minimal and used for hedging only. Overall, the fund is a standard physical replication equity ETF with currency hedging, no leverage, no synthetic replication, and no complex underlying assets, thus classified as non-complex."
}