{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Quality Equity Dividends ESG Exclusions Asia Pacific ex-Japan UCITS ETF is a physically replicated ETF that tracks the FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. The KIID and PRIIPs KID documents confirm that the fund uses physical replication with optimisation, meaning it primarily invests in the underlying securities of the index rather than derivatives. There is no mention of synthetic replication, swaps, leverage, or inverse strategies. The fund is UCITS-compliant, which typically implies a higher standard of transparency and liquidity. The risk profile is rated 6 out of 7, but this is consistent with equity ETFs and does not indicate complexity. The fund's investment strategy is straightforward: it aims to track an equity index with quality and dividend growth characteristics, excluding certain sectors and companies based on ESG criteria. The fact sheet further confirms that the replication method is physical, and there is no indication of derivative usage beyond what might be typical for efficient portfolio management. The index itself is a standard equity index, and the fund does not employ any complex strategies like capital protection or structured products. Therefore, the fund does not meet the criteria for a complex financial instrument under MiFID II.",
    "confidence": 95
}