{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco Dow Jones US Insurance UCITS ETF",
    "investment_objective": "To achieve the net total return performance of the Dow Jones U.S. Select Insurance Index, less fees, expenses and transaction costs.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated equity ETF tracking the Dow Jones U.S. Select Insurance Index, which consists of large, mid and small-cap US insurance companies. The fund aims to hold all shares in the index in their respective weightings, indicating full physical replication. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The PRIIPs KID confirms that derivatives may be used only for risk management or cost reduction purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk rating is 5 out of 7, a medium-high risk typical for equity sector concentration but not indicative of complexity under MiFID II. The fund does engage in securities lending, but this is common and does not trigger complexity classification. The ongoing charge is 0.35%, with no performance fees or complex fee structures. The underlying assets are liquid US equities, with no complex structured products or contingent bonds. The index tracked is a straightforward market-cap weighted equity index with quarterly rebalancing and no complex features. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. Overall, the fund exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, under MiFID II, this ETF is classified as non-complex."
}