{
    "fund_name": "ARK Innovation UCITS ETF",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ARK Innovation UCITS ETF is a physically replicated, actively managed equity ETF focused on disruptive innovation. Key points supporting the non-complex classification: 1) Uses physical replication of underlying equities with no mention of derivatives or swaps in the investment strategy; 2) No leverage or inverse exposure; 3) Clear investment objective focused on thematic equity investing; 4) Standard risk profile (rated 7 primarily due to sector concentration risks rather than structural complexity); 5) No capital protection mechanisms or structured features; 6) Simple fee structure with only ongoing charges; 7) UCITS compliant with standard risk disclosures. While the fund invests in innovative companies with potentially higher volatility, this doesn't constitute structural complexity under MiFID II. The fund's strategy and risks are straightforward and understandable to retail investors.",
    "confidence": 95,
    "risk_level": 7,
    "additional_notes": "The fund's complexity assessment remains non-complex despite its high risk rating (7) because the risk stems from sector concentration rather than structural complexity. The use of derivatives is not mentioned in any of the documents, and the replication method is clearly physical. The fund's active management approach focusing on disruptive innovation doesn't introduce complexity factors that would require specialist knowledge to understand."
}