{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Japan Equity UCITS ETF is a physically replicated ETF that tracks the Solactive Core Japan Large & Mid Cap USD Index NTR. The KIID and factsheet indicate that the fund primarily invests directly in the securities represented in the index in similar proportions to their weightings. While the documents mention the possibility of using financial derivative instruments (FDIs) for efficient portfolio management, there is no evidence of extensive or complex derivative usage that would trigger a 'complex' classification under MiFID II. The fund uses physical replication, has a straightforward index-tracking objective, and invests directly in liquid, transparent securities. The risk profile is rated 6, but this is due to the nature of its equity investments rather than structural complexity. The fund is UCITS compliant, which generally aligns with non-complex classifications. The absence of leverage, inverse strategies, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95
}