{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Defence Innovation UCITS ETF aims to replicate the S&P Kensho Global Future Defense Index by physical replication, holding all securities in the index in similar proportions. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The PRIIPs KID confirms derivatives may be used only for risk management purposes, not as an inherent part of the strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The underlying assets are equities of listed companies in developed markets, with no complex structured products or contingent bonds. The risk profile is medium-high (5/7) reflecting sector concentration and equity risk, but not complexity from derivatives or leverage. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. Securities lending is disclosed but is a common feature and does not add complexity. The index tracked is thematic but constructed from liquid, developed market equities with quarterly rebalancing and no complex features such as capital protection or barrier options. No counterparty risk beyond normal securities lending risk is highlighted. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the ETF is non-complex under MiFID II criteria because it uses physical replication, invests directly in liquid equities, has no leverage or synthetic exposure, and does not hold complex underlying assets."
}