{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Use of derivatives for efficient portfolio management; exposure to Sukuk bonds; no embedded derivatives or leverage",
    "classification": "non-complex",
    "supporting_data": "The asset is a UCITS ETF tracking the FTSE IdealRatings Sukuk Index, investing primarily in Shariah-compliant Sukuk bonds with maturities over one year. It uses derivatives only for efficient portfolio management purposes, such as managing risk and costs, and not as an inherent part of the investment strategy. The ETF employs physical replication with optimization to minimize tracking error and trading costs. There is no indication of synthetic replication, embedded derivatives, or significant leverage beyond UCITS limits. The ETF's structure and risks (market volatility, credit risk of Sukuk issuers, currency risk) are transparent and understandable to retail investors with basic knowledge. The use of derivatives is limited and does not fundamentally alter the risk-return profile, consistent with MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57 criteria. The ETF does not embed complex features such as contingent convertible bonds or structured products. Securities lending is not mentioned as a dominant feature. Therefore, under MiFID II, this UCITS ETF is classified as non-complex, exempting it from the appropriateness test for non-advised sales."
}