{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "complex": false,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "None identified"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) is classified as non-complex. It aims to track the MSCI Pacific ex-Japan Index by holding the underlying equity securities, which aligns with physical replication. The Key Investor Information Document (KIID) explicitly states that the Share Class aims to invest 'so far as possible and practicable in the equity securities (e.g. shares) that make up the Index'. There is no mention of derivatives being used to replicate the index or for any other purpose that would render it complex. While securities lending is mentioned as a means to generate additional income, it is stated as a secondary activity and is within the standard operational framework for UCITS ETFs, not introducing undue complexity. The ETF tracks a broad market index composed of large and mid-cap companies in developed Pacific markets, which is generally considered understandable for retail investors. The risk indicator of 'six' reflects market volatility and not structural complexity. Therefore, based on the provided information and MiFID II guidelines for UCITS ETFs, the instrument is considered non-complex."
    }
}