{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated, actively managed equity fund focused on Japanese equities. It does not use derivatives for investment purposes, only for hedging currency risk in hedged share classes, which is considered efficient portfolio management (EPM) under UCITS rules and does not introduce material counterparty or collateral risk. The fund does not employ leverage, swaps, or inverse strategies, and its structure and risks (market, concentration, liquidity) are transparent and typical for equity UCITS ETFs. The replication is physical, not synthetic, and there are no embedded derivatives or complex features that would make the product difficult for a retail investor with basic knowledge to understand. The fund is not a structured UCITS and does not hold complex bonds or indices. All these factors support a non-complex classification under MiFID II Article 25(4) and Delegated Regulation Article 57, consistent with regulatory guidance and market practice for plain-vanilla UCITS equity ETFs[1]."
}