{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Cyber Security Innovation UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Cyber Security Innovation UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the Solactive Cyber Security Innovation Index. The fund primarily uses physical full replication, investing directly in the underlying securities of the index in similar proportions. The KIID and PRIIPs KID documents confirm that while the fund may use financial derivative instruments (FDIs), these are only for efficient portfolio management or to gain exposure to companies with similar risk and performance characteristics, not as an inherent element of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk rating is 7 in the KIID, reflecting the equity sector and the nature of the underlying companies (technology and cybersecurity firms), but this is not driven by structural complexity or derivative usage. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no swap or derivative fees disclosed. The monthly factsheet confirms physical full replication and no use of swaps or synthetic structures. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, the fund is classified as non-complex because it uses physical replication, has minimal derivative exposure used only for risk management, no leverage or synthetic structures, and invests directly in liquid, transparent equity securities with a clear linear relationship to the underlying index performance."
}