{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Use of financial derivative instruments (FDIs)",
            "Currency hedging using FX forward contracts",
            "Potential for counterparty risk due to FDI usage"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to replicate the MSCI Japan Investable Market Index (IMI) and explicitly states it uses 'optimising techniques' which may include 'financial derivative instruments (FDIs)'. Furthermore, it uses FDIs, including FX forward contracts, for currency hedging. The use of derivatives, particularly for replication and hedging, introduces counterparty risk and complexities that are not easily understood by a retail investor. While physical replication is mentioned as a possibility, the explicit mention of FDIs for replication purposes, combined with currency hedging, shifts the classification towards complex under MiFID II rules, as these instruments introduce risks like counterparty risk, which are difficult for retail investors to grasp. The document also states that 'FDIs may be used for direct investment purposes', further reinforcing the complex nature due to derivative reliance."
    }
}