{
    "fund_name": "iShares MSCI Japan GBP Hedged UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "Use of derivatives for efficient portfolio management"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for the equity portion of the index and FX forwards for currency hedging. While derivatives are used, they are for efficient portfolio management and hedging rather than for leverage or complex strategies. The underlying assets are straightforward equities, and the risk profile is transparent. The PRIIPs KID does not contain a comprehension warning, and the fact sheet confirms the physical replication method. The use of derivatives here is for hedging currency risk, which is a common and transparent practice in ETFs.",
    "confidence": 90
}