{
    "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 close substitutes. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The fund uses 'optimising techniques' which may include limited use of financial derivative instruments (FDIs) for efficient portfolio management, but these are not inherent to the investment strategy and are expected to be limited, thus derivatives are marked false. There is no leverage, inverse or amplified exposure language present. The risk profile is medium (4 out of 7 in PRIIPs KID, 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. No capital protection or structured features are present. Counterparty risk is disclosed only in relation to safekeeping and limited derivative use, typical for physical ETFs. 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 product structure and no synthetic or swap-based replication. No complexity flags such as capital guarantees, leverage, or complex derivatives are identified. Therefore, under MiFID II, this ETF is classified as non-complex."
}