{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco NASDAQ Next Generation 100 UCITS ETF aims to track the NASDAQ Next Generation 100 Index by physically holding the underlying securities 'as far as possible and practicable'. The fund uses physical replication, confirmed by the factsheet explicitly stating 'Replication Method: Physical'. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The PRIIPs KID notes that derivatives may be used only for risk management or cost reduction purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure language. The risk profile is medium-high (5/7), consistent with equity market risk but not indicative of structural complexity. The fund invests directly in liquid, transparent equity securities of Nasdaq-listed companies, with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge of 0.25% and no performance fees or swap fees. Securities lending is disclosed but is a common feature and does not add complexity. The fund is UCITS compliant, domiciled in Ireland, and regulated by the Central Bank of Ireland. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use limited to risk management, physical replication, and no leverage or swaps, leading to a non-complex classification under MiFID II."
}