{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Future of European Defence UCITS ETF",
    "investment_objective": "Track the price and performance of the VettaFi Future of Defence ex US Index, providing exposure to European defence and cyber security companies excluding the USA.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (NATO+ countries excluding USA)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF employs a passive management strategy with a replication methodology that invests directly in the underlying securities of the VettaFi Future of Defence ex US Index. The KIID and PRIIPs KID explicitly state physical replication with no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund does not use leverage or inverse exposure. The risk profile is moderately high (6 out of 7) due to sector concentration in defence and currency risk, but this is typical for sector ETFs and does not imply complexity under MiFID II. There are no capital protection features or structured product elements. Costs are straightforward with no performance fees or swap fees. The fund is UCITS compliant, which imposes regulatory limits on complexity and leverage. The PRIIPs KID does not include any comprehension warnings or complexity flags. The fund invests in liquid, transparent equity securities and does not hold complex underlying assets such as contingent convertible bonds or CLOs. The factsheet and documents confirm no use of derivatives beyond possible incidental transaction management, which does not trigger the 'derivatives' flag. Overall, the ETF's structure and strategy align with a non-complex classification under MiFID II."
}