{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Covered Call Options Strategy",
    "classification": "complex",
    "supporting_data": "The REX Crypto Equity Income & Growth UCITS ETF invests physically in equities of companies engaged in digital asset activities, tracking the BITA Crypto Assets & Digital Payments Index. The replication method is physical, with no mention of synthetic replication or swap agreements. However, the Fund employs option strategies (covered call and covered call spread) on underlying securities to generate additional income. These option strategies involve derivative instruments inherently, which are used as part of the investment strategy rather than solely for risk management. The Fund does not use leverage or inverse exposure, and there is no indication of swap usage or counterparty risk related to swaps. The risk profile is moderate (level 5), reflecting the underlying equity and derivative risks. The use of covered call options introduces complexity due to potential unlimited losses on call option writing and the derivative nature of the strategy. The Fund\u2019s investment in digital asset sector equities adds additional risk due to the emerging and volatile nature of the sector. No capital protection or structured features are present. Costs are straightforward with no performance fees or swap fees. Overall, the presence of option strategies as an inherent part of the investment approach, combined with the sector complexity, leads to a classification of 'complex' under MiFID II despite physical replication and no leverage."
}