{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "supporting_data": "The Franklin Euro IG Corporate UCITS ETF is a UCITS-compliant ETF, which is automatically classified as non-complex under MiFID II unless it has features that make its structure, risks, or payoff difficult for retail investors to understand[1]. The fund invests primarily in Euro-denominated investment grade corporate debt securities, with at least 80% in fixed and floating rate investment grade corporate debt. It is actively managed and may use derivatives for efficient portfolio management (EPM) or investment purposes, but there is no indication that derivatives are central to the investment strategy or that the fund uses synthetic replication, swaps, or leverage beyond UCITS limits. The fund does not hold complex bonds (e.g., contingent convertibles, asset-backed securities, or structured products), and the underlying index (Bloomberg Euro-Aggregate Corporates Index) is transparent and straightforward. The risks disclosed (market, liquidity, counterparty, sustainability) are typical for corporate bond funds and do not indicate structural complexity. The fundu2019s structure, objective, and risks are clearly explained in the KIID, supporting the view that a retail investor with basic knowledge could understand how the ETF works and what risks are involved. No features were identified that would overturn the UCITS presumption of non-complexity under MiFID II[1].",
    "classification": "non-complex"
}