{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which is presumed non-complex. Its objective is long-term capital growth by investing primarily in equities of companies in developed market countries in the Pacific region, excluding Japan. The fund aims to outperform a benchmark index (MSCI Pacific ex-Japan Net Total Return) and mentions ESG integration as part of its investment process. The KIID explicitly states that the fund may use derivatives for efficient portfolio management and currency hedging purposes, which, when used in this manner and limited in scope, does not automatically render it complex. The replication method is implied to be physical, as it invests primarily in equities. There is no mention of embedded derivatives, leverage beyond UCITS limits, or complex underlying assets that would make it difficult for a retail investor to understand. The risk profile is classified as 6 out of 7, which indicates high fluctuation, but this is attributed to the value of the investments rather than structural complexity. The document does not indicate any use of swaps or other complex derivative strategies that would inherently classify it as complex under MiFID II. The primary investment is in equities, which are generally considered non-complex when admitted to regulated markets, and the description of the benchmark also suggests a standard index."
    }
}