{
    "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 UCITS ETF tracks the MSCI Pacific ex Japan SRI Filtered PAB Index using direct replication, which is a physical replication method. The Investment Manager may use derivatives for efficient portfolio management (EPM) such as managing inflows/outflows or hedging currency risk, but not as an integral part of achieving its investment objective. The KIID indicates a risk level of 'Typically lower reward' to 'Typically higher reward' (1-7 scale), suggesting market risk rather than structural complexity. The index itself is an equity index, and while it incorporates ESG and Paris-aligned criteria, the underlying methodology is generally considered transparent enough for retail investors. There are no indications of embedded derivatives, leverage beyond UCITS limits, or other complex features. The ETF is managed according to UCITS regulations, which generally presume non-complexity for retail investors. The use of derivatives for EPM, as described, is standard and generally does not lead to a complex classification unless it significantly impacts the risk-return profile or introduces unmanageable counterparty risk, which is not indicated here. The ESMA guidelines and MiFID II framework establish that UCITS are generally non-complex unless specific features (like synthetic replication or embedded derivatives) introduce complexity. This ETF's description aligns with the non-complex criteria."
    }
}