{
    "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 Fidelity Pacific ex-Japan Equity Research Enhanced UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication (direct investment in equities) as evidenced by the KIID and factsheet, with no mention of synthetic replication or swaps. 2) The fund's investment objective is straightforward long-term capital growth through equity investments in the Pacific ex-Japan region, with no leverage, inverse strategies, or complex structured products. 3) The underlying assets are liquid, transparent equities of developed market companies, with no exposure to illiquid or complex securities like CoCos or CLOs. 4) The fund is UCITS-compliant, which inherently imposes strict transparency and liquidity requirements. 5) The risk profile (risk class 6) is clearly disclosed and aligns with the equity market exposure, with no additional complexity from derivatives or structured features. 6) The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The factsheet confirms the fund's active management approach with direct equity holdings, reinforcing the physical replication method.",
    "confidence": 95
}