{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Pharma Breakthrough UCITS ETF",
    "investment_objective": "Track the Solactive Pharma Breakthrough Value Index Net Total Return, investing primarily in biotechnology companies engaged in orphan drug development.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global, with significant US (57.9%) and Japan (13.9%) exposure",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF primarily invests directly in the underlying securities of the Solactive Pharma Breakthrough Value Index, using physical replication. The KIID and PRIIPs KID confirm that the fund may use financial derivative instruments (FDIs) only for efficient portfolio management or to gain exposure to companies similar to those in the index, but this derivative use is not inherent to the investment strategy and is limited. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund is UCITS compliant, with no leverage or inverse exposure. The risk rating is 6 out of 7, reflecting the equity and sector-specific risks of small and mid-cap biotech companies, but this does not imply complexity under MiFID II. There are no capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no complex fee structures. The index tracked is a standard equity index of listed biotech companies, with no complex structured products or contingent bonds involved. The monthly factsheet confirms physical replication and no use of swaps. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, despite the higher risk profile due to sector and company size, the ETF does not meet the MiFID II criteria for a complex financial instrument."
}