{
    "fund_name": "INQQ India Internet UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The INQQ India Internet UCITS ETF employs a physical replication strategy, investing directly in the underlying securities of the INQQ The India Internet ESG Screened Index. The KIID explicitly states the use of 'passive management' and 'replication or representative sampling methodology,' indicating a straightforward index-tracking approach. There are no mentions of synthetic replication, swaps, leverage, or complex derivatives. The risk profile is categorized as level 6, which is primarily due to the nature of the investments (emerging market equities) rather than structural complexity. The fund does not engage in leveraged or inverse strategies, and there are no capital protection mechanisms or structured features. While the fund may use securities lending, this is a common practice among ETFs and does not inherently introduce complexity. The fund's risk factors are typical for an emerging market equity ETF, including market, currency, and liquidity risks, but these do not contribute to a 'complex' classification under MiFID II.",
    "confidence": 95,
    "additional_notes": "The fund's UCITS compliance and physical replication method are strong indicators of its non-complex nature. The absence of derivatives, leverage, or synthetic replication further supports this classification. The risk level (6) is high due to the underlying asset class (Indian internet equities), but this does not equate to structural complexity. The fund's transparency, liquidity, and straightforward investment strategy align with MiFID II's criteria for non-complex instruments."
}