{
    "type": "ETF",
    "ucits": true,
    "fund_name": "ARK Artificial Intelligence & Robotics UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ARK Artificial Intelligence & Robotics UCITS ETF is an actively managed equity ETF investing primarily in global equity securities of companies involved in AI, robotics, and autonomous technology. The KIID and PRIIPs KID documents do not mention any use of synthetic replication, swap agreements, total return swaps, or derivative instruments as part of the investment strategy. The fund uses physical replication by directly investing in underlying equities, as confirmed by the absence of any swap or derivative language and the monthly factsheet showing direct equity holdings. There is no leverage, inverse exposure, or capital protection mechanisms. The risk profile is high (6-7 out of 7) due to the nature of the underlying technology-focused equities and market volatility, not due to structural complexity. Costs are straightforward with a single ongoing charge (TER) of 0.75%, no performance fees, and no swap or derivative fees. The fund is UCITS compliant and domiciled in Ireland. There are no references to complex underlying assets such as contingent convertible bonds or CLOs. The complexity arises only from the thematic focus on disruptive innovation equities, which may be volatile but not structurally complex under MiFID II. Therefore, the fund is classified as non-complex."
}