{
    "fund_name": "Xtrackers MSCI Japan UCITS ETF 2D - USD Hedged",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Potential counterparty risk from derivative usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication for the underlying index (MSCI Total Return Net Japan Index) and employs derivatives solely for currency hedging purposes. While derivatives are used, they are not for leverage or complex strategies, and the fund's risk profile remains straightforward. The KIID and PRIIPs documents confirm the fund's transparency and liquidity, with no indications of capital protection mechanisms or structured products. The fact that the ETF is UCITS-compliant further supports its classification as non-complex. The use of derivatives is limited to efficient portfolio management (currency hedging) and does not introduce significant additional risk or complexity beyond what is typical for a hedged equity ETF.",
    "confidence": 90
}