{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Japan UCITS ETF USD (Dist) is a physically replicated ETF that aims to track the MSCI Japan Index by holding the underlying equity securities in similar proportions. The KIID and factsheet indicate that the fund uses physical replication, which is a non-complex indicator under MiFID II. There are no mentions of synthetic replication, leverage, inverse exposure, or complex underlying assets. The fund's risk profile is rated six, but this is primarily due to the nature of its equity investments rather than any structural complexity. The use of derivatives is limited to FDIs (Financial Derivative Instruments) for efficient portfolio management, which does not trigger complexity under MiFID II. The fund's straightforward investment objective, direct holding of liquid securities, and clear risk disclosures further support its classification as non-complex.",
    "confidence": 95
}