{
    "fund_name": "European Green Deal UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the SGI European Green Deal ESG Index, which focuses on companies aligned with the European Green Deal themes. The KIID and PRIIPs documents confirm no use of derivatives, swaps, or leverage. The risk profile is moderate (level 6), but this is due to sectoral concentration rather than structural complexity. The fund invests directly in underlying securities, and there are no capital protection mechanisms or structured features. The absence of synthetic replication, leverage, or complex underlying assets (e.g., CoCos, CLOs) supports the non-complex classification.",
    "confidence": 95,
    "additional_notes": "While the risk level is higher (6/7), this is attributed to sectoral concentration and market risk, not structural complexity. The fund's transparency, UCITS compliance, and straightforward replication method align with MiFID II's non-complex criteria."
}