{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Asia Pacific ex Japan Equity UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Asia Pacific ex Japan Equity UCITS ETF is a UCITS-compliant ETF domiciled in Ireland, tracking the Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR. The fund primarily uses physical full replication, investing directly in the underlying securities in proportions closely matching the index. The KIID and PRIIPs KID documents confirm that while the fund may use financial derivative instruments (FDIs), these are only for efficient portfolio management or to invest in companies with similar risk and performance characteristics, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The fact sheet explicitly states 'Physical - full replication' and no leverage or inverse exposure is present. The risk rating is 6, reflecting equity market risk rather than complexity from derivatives or leverage. Costs are straightforward with a low ongoing charge of 0.10%, no performance fees, and no complex fee structures. The fund does not have capital protection or structured features. The underlying assets are large and mid-cap equities from developed markets in the Asia Pacific region (excluding Japan), which are liquid and transparent. The PRIIPs KID does not include any comprehension warnings or complexity flags. The risk disclosures mention counterparty risk only in the context of third-party service providers, which is standard and not indicative of synthetic replication or funded/unfunded swaps. There is no leverage, no inverse or amplified returns, and no complex underlying assets such as contingent convertible bonds or CLOs. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}