{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Xtrackers II Japan Government Bond UCITS ETF 2D - GBP Hedged is a UCITS-compliant ETF that physically replicates the FTSE Japanese Government Bond Index by directly investing in Japanese government bonds across the yield curve. The KIID and factsheet confirm the fund uses direct physical replication, with no synthetic replication or swap agreements mentioned. Derivatives are only used for currency hedging purposes to reduce currency risk between JPY and GBP, which is a risk management technique rather than an inherent part of the investment strategy, so derivatives are marked as false. There is no leverage, inverse or amplified exposure indicated. The fund invests in liquid, fixed-rate Japanese government bonds, which are straightforward underlying assets without complex structured products or contingent bonds. The risk profile is moderate (category 3), reflecting normal bond and currency risks, with no elevated complexity risk factors such as capital protection or structured features. Costs are simple with a low ongoing charge and no performance fees or swap fees. No counterparty risk from swaps or synthetic structures is disclosed. The PRIIPs KID and factsheet do not indicate any complexity warnings or comprehension warnings. Overall, the fund\u2019s clear physical replication, straightforward underlying assets, absence of leverage or synthetic instruments, and simple cost structure support a non-complex classification under MiFID II."
}