{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Optimised replication method",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method but employs derivatives for currency hedging and optimised replication. While derivatives are used, they are for efficient portfolio management rather than leverage or inverse exposure. The fund tracks a broad, transparent equity index (MSCI Japan IMI) with no complex underlying assets. The risk profile is rated 6/7, but this reflects equity market risk rather than structural complexity. The use of derivatives is disclosed transparently, and the fund is UCITS-compliant, indicating regulatory approval for retail investors. The optimised replication method involves some derivative usage but does not introduce significant complexity beyond standard ETF practices. The currency hedging via derivatives is a common feature in international ETFs and does not materially alter the fund's risk profile.",
    "confidence": 85
}