{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR MSCI Japan UCITS ETF",
    "investment_objective": "Track the performance of the MSCI Japan Index (Japanese equity market) as closely as possible",
    "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 Fund is a UCITS-compliant ETF that tracks the MSCI Japan Index using an optimisation strategy (representative sampling) rather than full physical replication, but this is a common and accepted practice for large equity ETFs. The Fund does not use synthetic replication or swap agreements. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management and currency hedging, not as an inherent part of the investment strategy, so derivative use is minimal and risk-managed. There is no leverage, inverse exposure, or capital protection features. The risk rating is medium (4 out of 7 in PRIIPs KID, 6 in KIID, reflecting equity market volatility rather than complexity). The Fund invests directly in liquid, large and mid-cap Japanese equities, with no complex underlying assets such as contingent convertible bonds or CLOs. The factsheet confirms the replication method as 'Optimised' (physical sampling), no mention of swaps or synthetic replication, and the use of currency forwards for hedging only. Fees are straightforward with a TER of 0.17%, no performance fees, and no complex fee structures. No complexity flags such as capital protection, structured returns, or significant counterparty risk are present. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance and is suitable for retail investors without requiring specialized knowledge beyond standard equity investing. Therefore, under MiFID II, this ETF is classified as non-complex."
}