{
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Japan UCITS ETF",
    "fund_type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Japan Index, investing directly in the underlying securities. While the KIID mentions the possibility of using derivatives for efficient replication if direct investment is not practicable, the fact sheet confirms the fund uses physical (full) replication. There is no leverage, inverse exposure, or complex structured features. The risk profile is clearly stated as high volatility (risk category 6), but this is typical for equity ETFs and does not indicate complexity. The fund is UCITS-compliant, which further supports its non-complex classification. The absence of swap agreements, counterparty risk, or capital protection mechanisms reinforces this determination.",
    "confidence": 95
}