{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Japan UCITS ETF",
    "investment_objective": "Track the performance of the MSCI Japan Index",
    "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 SPDR MSCI Japan UCITS ETF is a UCITS-compliant equity ETF that aims to track the MSCI Japan Index, which covers large and mid cap Japanese equities. The fund uses an optimisation strategy (representative sampling) to replicate the index rather than full physical replication, but there is no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, so derivatives exposure is minimal and risk-managed. There is no leverage, inverse or amplified exposure. The fund invests directly in liquid, transparent securities with no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4/7) in the PRIIPs KID but higher (6/7) in the KIID, reflecting market volatility rather than structural complexity. Costs are straightforward with a low TER (0.12%) and no performance fees or swap fees. The factsheet confirms no use of swaps or synthetic replication, and the index tracked is a standard broad equity index without complex features. There are no capital protection or structured product features. Overall, the fund exhibits none of the MiFID II complexity flags such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II rules."
}