{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Japan SRI EUR Hedged UCITS ETF (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF that aims to replicate the MSCI Japan SRI 100% Hedged to EUR Index by physically holding the equity securities in the index and using FX forward contracts to hedge currency exposure. The KIID and PRIIPs KID documents confirm the use of physical replication of underlying equities and FX forwards for currency hedging, with no mention of synthetic replication, swap agreements, total return swaps, or other derivative instruments used as part of the investment strategy. The FX forwards are used solely for currency risk management and not as an inherent element of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified 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 invests in liquid, transparent equity securities with ESG screening and does not hold complex structured products or contingent convertible bonds. The monthly factsheet confirms physical replication and no use of swaps. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. Counterparty risk is limited to FX forward counterparties but is standard for currency hedging and does not elevate complexity classification. No capital protection or structured features are present. Overall, the fund\u2019s structure and strategy are straightforward and transparent, with complexity arising only from the currency hedging via FX forwards, which is considered risk management rather than complexity under MiFID II. Therefore, the fund is classified as non-complex."
}