{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "ESG optimization, Potential limited exposure to non-ESG compliant securities. Use of financial derivative instruments (FDIs) - although these may be used for direct investment purposes only and therefore not necessarily a structural feature of the fund and used for EPM.",
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Japan ESG Enhanced UCITS ETF aims to replicate the MSCI Japan ESG Enhanced Focus CTB Index using physical replication. While the fund uses financial derivative instruments, the document notes that these may be used for 'direct investment purposes' rather than integral to the strategy. The fund's objective is to track a transparent index, and its focus is on ESG factors with an optimization process to exceed minimum standards for an EU Climate Transition Benchmark. The document does not explicitly state any complex features like significant leverage, embedded derivatives, or opaque features. The presence of derivatives use for EPM, is an exception not a rule in the assessment of complexity and does not trigger automatic complex classification under ESMA regulations. The risk profile is mentioned but only the market volatility is considered, not structural complexity of the instrument. The fund is suitable for medium to long term investment meaning retail clients can understand the general purpose and the risks involved - therefore non-complex."
    }
}