{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Japan ESG Enhanced UCITS ETF aims to track the MSCI Japan ESG Enhanced Focus CTB Index using a physical replication method, investing directly in equity securities that make up the index or closely representative securities. The KIID and PRIIPs KID documents explicitly state the Fund is passively managed and aims to invest 'so far as possible and practicable' in the underlying equity securities, with only limited use of financial derivative instruments (FDIs) for direct investment purposes, not as an inherent element of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The monthly factsheet confirms the product structure as physical and does not indicate any use of swaps or synthetic replication. The Fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk and ESG screening constraints rather than complexity). Costs are straightforward with a TER of 0.15%, no performance fees, and no swap or derivative fees. The ESG optimisation and index construction involve an optimisation process and exclusion criteria, but this does not translate into complexity under MiFID II as the replication remains physical and derivative use is limited to risk management or minor optimisation. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF exhibits none of the key complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}