{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Japan ESG Screened UCITS ETF aims to track the MSCI Japan ESG Screened Index, which involves investing in equity securities that make up the index. The KID states that the Share Class, via the Fund, is passively managed and aims to invest in equity securities that make up the Index. It also mentions that the Fund may obtain indirect exposure to securities considered not to satisfy ESG criteria. Crucially, the KID states: 'The use of FDIs is expected to be limited for this Share Class.' This indicates that derivatives, if used at all, are for efficient portfolio management and are not integral to the investment strategy. The primary replication method is physical, as it aims to invest in the equity securities that make up the Index. The index itself is described as measuring the performance of a sub-set of equity securities based on ESG exclusionary criteria, which is a standard and understandable screening method. The ETF invests in equity securities, which are generally considered non-complex. The document does not mention any use of embedded derivatives, leverage, or complex underlying assets that would make it difficult for a retail investor to understand. The risk and reward profile categorisation (rated six) is due to the inherent market risk of equities and not due to the complexity of the instrument's structure. The document explicitly mentions that the use of FDIs is expected to be limited for this Share Class, aligning with a non-complex classification. The presence of ESG screening on the index, while adding a layer of criteria, does not inherently make the ETF complex from a structural or risk perspective for a retail investor; it's a straightforward filtering process of underlying equities. The mention of counterparty risk in the risk and reward profile is standard for any financial instrument, but in the context of a UCITS ETF with limited derivative use, it does not automatically trigger a complex classification. The ETF is UCITS compliant, which itself implies a level of regulatory protection and a presumption of non-complexity unless specific features dictate otherwise."
    }
}