{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None identified",
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI Pacific ex Japan UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented equity index. While the fund may use derivatives for efficient portfolio management (EPM) in limited circumstancesu2014such as when direct replication is not practicable or to generate efficienciesu2014the use of derivatives is not central to the investment strategy and is not a material driver of the fund's risk or return profile. The fund's primary exposure is through direct holdings of the index constituents, and any derivative use is disclosed as a secondary, risk-mitigated feature. The fund does not employ leverage, swaps, or inverse strategies, and there is no evidence of complex embedded features, contingent convertible bonds, or structured notes. The risk profile is driven by equity market volatility, not structural complexity. Under MiFID II, UCITS ETFs are generally presumed non-complex unless they employ complex portfolio management techniques or synthetic replication, which is not the case here. The fund's structure, objectives, and risks are transparent and readily understandable for retail investors with basic knowledge, supporting a non-complex classification[1][2]."
}