{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Covered call option strategies",
    "classification": "non-complex",
    "supporting_data": "The REX Tech Innovation Premium Income UCITS ETF invests primarily in equities of technology companies that are constituents of the Solactive FANG Innovation Index, using physical holdings of underlying securities. The fund employs an active management approach and implements covered call option strategies (covered call or covered call spread) on some underlying securities to generate additional income. These option strategies are used as an overlay to enhance income rather than as a core synthetic replication method or leverage mechanism. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not use leverage or inverse exposure. The risk profile is moderate (level 5 on a 1-7 scale), reflecting sector concentration and derivative overlay risks, but not complexity from structural features or derivative replication. Charges are straightforward with no performance fees or swap fees. The use of covered call options introduces some derivative risk but is a common, transparent strategy and does not imply complexity under MiFID II. No capital protection or structured features are present. The fund is UCITS compliant and physically replicates the index. Therefore, despite the use of options, the fund is classified as non-complex because derivatives are used for income enhancement rather than as an inherent element of the investment strategy, and there is no synthetic replication or leverage."
}