{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Pacific ex-Japan ESG Enhanced UCITS ETF is a physically replicated ETF that primarily holds equity securities to track its benchmark index. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The underlying assets are liquid equities, and the risk profile, while rated at level 6, is primarily due to equity market risks rather than structural complexity. The ESG screening and optimization process, while sophisticated, does not introduce complexity from a MiFID II perspective as it remains transparent and based on standard equity holdings. The absence of counterparty risk warnings beyond standard custodial risks further supports the non-complex classification.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": "standard custodial risks only",
    "esg_screening": "present but not a complexity factor",
    "benchmark_complexity": "standard equity index with ESG overlay"
}