{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco Wind Energy UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Wind Energy UCITS ETF is a passively managed ETF aiming to track the WilderHill Wind Energy Index by holding, as far as practicable, all securities in the index in their respective weightings, indicating physical replication. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives 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 underlying assets are equities of companies focused on wind energy innovation, which are liquid and transparent securities. The fund is UCITS compliant and uses a straightforward index-tracking approach with physical replication. The risk rating is 7 in the KIID but 5 in the PRIIPs KID, reflecting medium to medium-high risk mainly due to sector concentration, small company exposure, and clean energy sector risks, not complexity from structure or derivatives. Costs are simple with a 0.60% ongoing charge and no performance fees or swap fees. Securities lending is used but is a common practice and does not add complexity under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not carry a comprehension warning. Overall, the fund\u2019s structure and strategy are straightforward and transparent, with no complex derivatives or leverage, so it is classified as non-complex under MiFID II."
}