{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Cybersecurity UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Physical Replication: The fund uses physical replication to track the S&P Kensho Global Cyber Security Screened Index, holding all securities in the index in similar proportions. 2. No Leverage or Inverse Exposure: There is no mention of leverage, inverse strategies, or amplified returns in the KIID or PRIIPs documents. 3. Minimal Derivative Usage: While the fund may use derivatives for risk management, reducing costs, or generating additional capital or income, this usage is not extensive or complex. The derivatives are not used for synthetic replication or complex strategies. 4. Straightforward Investment Objective: The fund aims to provide exposure to global cybersecurity companies, a clear and understandable objective. 5. UCITS Compliance: The fund is UCITS-compliant, which typically indicates a lower complexity level. 6. Risk Profile: The fund's risk profile is rated as 7 out of 7, but this is due to the nature of the underlying assets (small-cap cybersecurity companies) rather than complex structures. 7. No Capital Protection or Structured Features: There are no capital guarantees, principal protection, or structured return features. 8. Transparent Underlying Assets: The underlying assets are global equities focused on cybersecurity, which are relatively easy to understand. 9. No Significant Counterparty Risk: The use of derivatives is limited and does not introduce significant counterparty risk. 10. Clear Disclosure: The KIID and PRIIPs documents provide clear and comprehensive information about the fund's risks, costs, and investment strategy.",
    "confidence": 95
}