{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Japan UCITS ETF USD (Dist) is a UCITS-compliant, physically replicated ETF tracking a transparent, well-diversified equity index (MSCI Japan). It does not use derivatives as a core part of its investment strategy, does not employ leverage beyond UCITS limits, and does not hold complex instruments such as swaps, structured products, or contingent convertible bonds. The ETF may use derivatives only for efficient portfolio management (EPM), which is disclosed as ancillary and not central to the fund's objective. Securities lending is conducted within UCITS rules and does not dominate the risk profile. The structure, risks, and investment objective are straightforward and can be understood by retail investors with basic knowledge. The ETF meets all Article 57 criteria for non-complex instruments under MiFID II, as it is liquid, transparent, does not embed derivatives, and does not involve any actual or potential liability exceeding the cost of acquisition. There is no evidence of complex indices, contingent bonds, or other features that would make the product difficult for a retail investor to understand. Therefore, it is classified as non-complex."
}