{
    "fund_name": "ARK Genomic Revolution UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Active management with thematic focus",
        "Investment in small-cap and technology-focused companies",
        "Potential for high volatility due to sector concentration"
    ],
    "classification": "non-complex",
    "supporting_data": "The ARK Genomic Revolution UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication, investing directly in global equity securities of companies involved in the genomic revolution. There is no mention of synthetic replication, swaps, or derivative instruments in the KIID or PRIIPs KID. 2. Leverage and Inverse Exposure: The fund does not employ any leverage or inverse strategies. The investment objective is straightforward: to invest in companies focused on genomic advancements. 3. Underlying Asset Complexity: The fund invests in equity securities of companies, which are generally considered non-complex. While the companies may be involved in complex technologies, the fund itself does not invest in derivatives, structured products, or other complex instruments. 4. Risk Profile: The fund is rated 7 on a 1-7 scale, indicating a higher risk profile. However, the risks are primarily associated with the underlying investments in small-cap and technology-focused companies, which are typical for sector-specific equity funds. 5. Key Risk Disclosures: The risks disclosed are standard for equity funds, including market risk, liquidity risk, and counterparty risk (though the latter is minimal given the physical replication method). There are no warnings about the fund being unsuitable for retail investors or requiring specific investment knowledge. 6. Costs and Charges: The fund has a straightforward fee structure with an ongoing charge of 0.75%, with no performance fees or complex cost arrangements. 7. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}