{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Ecommerce Logistics UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The L&G Ecommerce Logistics UCITS ETF is a UCITS-compliant ETF domiciled in Ireland that aims to track the Solactive eCommerce Logistics Index using primarily physical full replication of the underlying securities. The KIID and PRIIPs KID documents confirm that the Fund invests directly in the securities represented in the Index in similar proportions, with only limited use of financial derivative instruments (FDIs) for efficient portfolio management or risk reduction, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure risks. The fact sheet explicitly states the replication method as physical full replication. There is no leverage, inverse or amplified exposure, and no capital protection or structured features. The risk rating is 6 on a 1-7 scale, reflecting the underlying equity market and sector risks, but not complexity from derivatives or leverage. Costs are straightforward with a single ongoing charge of 0.49%, no performance fees, and no swap or derivative fees disclosed. The index tracked is composed of publicly traded logistics and ecommerce-related companies, with no complex underlying assets such as contingent convertible bonds or CLOs. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and uses derivatives only for risk management, not as a core strategy element. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}