{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan SRI UCITS ETF",
    "investment_objective": "To replicate the MSCI Japan SRI Select Reduced Fossil Fuel Index by investing in equity securities of Japanese companies with higher ESG ratings.",
    "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 replicates the MSCI Japan SRI Select Reduced Fossil Fuel Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. The Fund may use financial derivatives only for efficient portfolio management purposes, not as a core element of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The risk indicator is medium (4 out of 7 in PRIIPs, 6 in KIID due to equity market risk and sector concentration), but this is typical for equity ETFs and does not imply complexity under MiFID II. The Fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid, transparent equity securities. Costs are simple with a TER of 0.20%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. No capital protection or structured features are present. The index tracked is ESG-focused but does not involve complex or contingent bonds or structured products. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No PRIIPs comprehension warnings or complexity flags are present. Overall, the ETF is non-complex under MiFID II criteria."
}