{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": "None",
    "supporting_data": "The Invesco Wind Energy UCITS ETF is a UCITS-compliant, physically replicated ETF that aims to track the WilderHill Wind Energy Index by holding the underlying securities in their respective weightings. The fund may use derivatives for efficient portfolio management (EPM) purposes, such as managing risk or reducing costs, but derivatives are not integral to the investment objective or strategy. There is no evidence of synthetic replication, significant leverage, embedded derivatives, or complex features such as swaps, inverse strategies, or contingent convertible bonds. The index is transparent, equally weighted, and rebalanced quarterly, with clear eligibility criteria. The fund's structure, risks (market, sector concentration, small companies, securities lending, currency, Stock Connect, clean energy), and charges are disclosed in a manner intended to be understandable for retail investors. Under MiFID II, all UCITS are automatically non-complex unless they employ complex portfolio management techniques or structured features that make the product difficult to understandu2014neither of which is indicated here[1]. The use of derivatives for EPM with minimal impact on the risk-return profile does not trigger a complex classification under standard regulatory interpretation, provided the risks are well-managed and disclosed[1]. The fund's documentation does not suggest any features that would override the UCITS presumption of non-complexity.",
    "classification": "non-complex"
}