{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives used for currency hedging and efficient portfolio management, but not central to investment objective; no embedded derivatives, no significant leverage, no complex indices, no contingent convertible bonds, no swaps, no inverse or leveraged structure.",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking the MSCI Japan IMI Index. It uses derivatives (including FX forwards) for currency hedging and efficient portfolio management, but these are not central to the investment objectiveu2014the fund primarily holds the underlying equities. There is no evidence of synthetic replication, embedded derivatives, significant leverage, complex indices, or contingent convertible bonds. The structure, risks, and objectives are transparent and typical for a passive equity ETF. Securities lending is present but managed within UCITS limits and does not dominate the risk profile. The fund is suitable for retail investors with basic knowledge, as its mechanics and risks (market, currency, tracking error) are straightforward and well-disclosed.",
    "classification": "non-complex"
}