{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using derivatives",
        "Direct investment in government bonds (low complexity)",
        "No leverage or inverse exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE Japanese Government Bond Index, investing directly in Japanese government bonds. While it uses derivatives for currency hedging (GBP hedged share class), this is a standard practice for reducing currency risk and does not introduce significant complexity. The fund has no leverage, inverse exposure, or complex structured features. The underlying bonds are liquid and transparent, and the risk profile is clearly stated as moderate (category 3). The fact sheet confirms direct replication (physically) and no swap-based replication. The only derivative usage is for hedging, which is typical for ETFs and does not trigger complexity under MiFID II. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 90
}