{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Sprott Uranium Miners UCITS ETF is a physically replicated ETF that tracks the North Shore Sprott Uranium Miners Index. It invests directly in equity securities of companies involved in uranium mining and related activities. The KIID does not mention the use of derivatives, swaps, leverage, or inverse strategies. The fund employs a passive management strategy with a straightforward replication methodology, investing in securities proportional to the index weightings. While the fund is exposed to risks such as commodity price fluctuations, geographical concentration, and sector-specific risks, these are typical of thematic equity ETFs and do not introduce structural complexity. The risk profile is rated at level 7, but this is due to the volatile nature of the underlying sector rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection requirements. There are no indications of capital protection mechanisms, structured features, or complex underlying assets. The fund's charges are straightforward, with no performance fees or complex fee structures.",
    "confidence": 95,
    "additional_notes": "The fund's high-risk rating (7) is primarily due to the volatility of uranium-related equities and commodity exposure, not structural complexity. The absence of derivatives, leverage, or synthetic replication methods supports the non-complex classification. The fund's UCITS compliance further reinforces its suitability for retail investors under MiFID II."
}