{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI Pacific ex Japan UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI Pacific ex Japan UCITS ETF is a UCITS-compliant ETF that primarily uses physical replication (full replication) of the MSCI Pacific ex Japan Index, investing directly in the underlying equities. The KIID and PRIIPs KID documents state that derivatives may be used only occasionally to gain exposure where direct replication is not practicable or to generate efficiencies, but this use is limited and for risk management or operational efficiency rather than as a core strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID based on volatility), consistent with equity market exposure, but no complexity flags such as capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.14%) and no performance fees or swap fees. The monthly factsheet confirms physical full replication and no use of synthetic instruments or leverage. Counterparty risk is mentioned only in the context of limited OTC derivatives use, mitigated by collateral policy, but this is not a core element of the strategy. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure used only for operational efficiency, thus qualifying as non-complex under MiFID II."
}