{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks an index, and while the index is well-documented and a physical replication method is used, the use of derivatives for EPM, although minimal, could introduce complexity. However, with the KID reporting on risk it is unlikely to be complex due to the presumption of the UCITS label.",
        "classification": "non-complex",
        "supporting_data": "The L&G Asia Pacific ex Japan Equity UCITS ETF uses physical replication to track the Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR. The ETF invests directly in securities, which is a non-complex approach. Derivatives are used only for EPM (efficient portfolio management) with no significant impact on the risk-return profile. The structure and risks are easily understood by retail investors, and the KID provides transparency on market volatility and tracking error. The fund does not use leverage and no complex features. The fund is a UCITS ETF, therefore it is presumed to be non-complex under MiFID II. The fund does not use derivatives or swaps central to its strategy, nor does it embed them."
    }
}