{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions - MSCI Japan UCITS ETF is a UCITS-compliant ETF that primarily uses physical replication (full replication) of the MSCI Japan Index (Net Return). The fund invests directly in the underlying equities of the index, predominantly Japanese large and mid-cap stocks, with no indication of synthetic replication or use of swap agreements. While the KIID and PRIIPs KID mention the possibility of derivatives use for efficiency or where direct replication is impracticable, this is described as ancillary and risk-mitigated by collateral policies, implying derivatives are used only for risk management rather than as a core strategy element. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID, reflecting equity market volatility rather than complexity). Costs are straightforward with a low TER (0.12%) and no performance fees or complex fee structures. The fund does not invest in complex underlying assets such as contingent convertible bonds or CLOs. The monthly factsheet confirms physical replication, no synthetic or swap-based replication, and no leverage. No complexity flags such as capital protection, structured features, or significant counterparty risk exposure are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}