{
    "fund_name": "iShares Core MSCI Japan IMI UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication",
        "Securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimised techniques, which may include strategic selection of securities or similar-performing securities. While it mentions the use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs KID explicitly states the product structure is 'Physical'. There is no mention of synthetic replication, swaps, or leverage. The risk profile is rated 6/7, but this is typical for equity ETFs and does not indicate complexity. The use of FDIs appears to be for efficient portfolio management rather than as an inherent part of the strategy. Securities lending is mentioned but is a common practice in ETFs and does not trigger complexity under MiFID II. The underlying index (MSCI Japan IMI) is a broad, transparent equity index, and the ETF's holdings are directly in equities. No capital protection or structured features are present. The risk disclosures are standard for equity ETFs and do not suggest complexity.",
    "confidence": 90
}