{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The L&G Battery Value-Chain UCITS ETF is a UCITS-compliant ETF domiciled in Ireland that physically replicates the Solactive Battery Value-Chain Index by directly investing primarily in the underlying securities of the index. The KIID and PRIIPs KID explicitly state that the fund 'primarily invests directly in the securities represented in the Index' and uses 'physical - full replication' as confirmed by the January 2025 factsheet. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management or to gain exposure to companies not in the index but with similar risk and performance characteristics, these are ancillary and not inherent to the strategy, so derivatives are marked false per instructions. There is no leverage, inverse or amplified exposure language, and the fund does not employ capital protection or structured features. The risk rating is 7 in the KIID, reflecting the underlying equity exposure to small and medium-sized companies in a specialized sector, but this is due to market risk and not complexity of the product structure. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no swap or derivative fees disclosed. The fund invests in liquid, publicly traded equities with transparent valuation. No complex underlying assets such as contingent convertible bonds or CLOs are held. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication method, and risk disclosures indicate a non-complex financial instrument under MiFID II criteria."
}