{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan ESG Screened UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS ETF physically replicating the MSCI Japan ESG Screened Index by investing directly in equity securities that make up the index or similar securities. The KIID and PRIIPs KID documents confirm the use of 'optimising techniques' which may include limited use of financial derivative instruments (FDIs) for direct investment purposes, but this is not an inherent element of the strategy and is expected to be limited. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is moderate (4 out of 7 in PRIIPs, 6 in KIID but this is due to equity market risk and ESG screening reducing the investable universe, not complexity). The fund invests in liquid, large and mid-cap 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 0.15%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The ESG screening and optimisation techniques do not introduce complexity under MiFID II as derivatives are used only for risk management or optimisation, not as a core strategy element. Therefore, the fund is classified as non-complex."
}