{
    "fund_name": "Invesco CoinShares Global Blockchain UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Blockchain Global Equity Index with liquidity constraints)",
        "Potential concentration risk in small-cap blockchain companies",
        "Securities lending exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the CoinShares Blockchain Global Equity Index, which comprises global companies involved in blockchain technology. While the index itself has some complexity due to its focus on a niche sector and liquidity constraints, the ETF's straightforward physical replication method and lack of leverage or derivatives usage mitigate complexity. The main risks are equity market risk and concentration risk in small-cap companies, which are typical for sector-specific ETFs. The securities lending activity is disclosed but does not appear to involve significant counterparty risk. The fund is UCITS-compliant, which typically indicates a lower complexity profile. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}