{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Rize Global Sustainable Infrastructure UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Physical Replication: The fund uses physical replication (full replication) as confirmed in the fact sheet, which is a non-complex indicator. 2. No Leverage or Inverse Exposure: There is no mention of leverage, inverse strategies, or amplified returns in the KIID or fact sheet. 3. No Synthetic Structures: The fund does not use swap agreements, total return swaps, or other derivative instruments for replication, as confirmed by the physical replication method. 4. Straightforward Investment Strategy: The fund tracks a thematic index of global infrastructure companies with a focus on sustainability, which is a transparent and easily understandable strategy. 5. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives. 6. Risk Profile: The fund's risk rating (6/7) is relatively high, but this is due to the nature of its investments (smaller companies, emerging markets, and thematic exposure) rather than structural complexity. 7. No Capital Protection or Structured Features: There are no capital guarantees, principal protection, or structured return features mentioned. 8. Derivative Usage: Any derivative usage is likely minimal and for efficient portfolio management (e.g., currency hedging), not as an inherent part of the strategy. The fact sheet does not mention any significant derivative exposure. 9. Counterparty Risk: While the KIID mentions counterparty risk, this is a standard disclosure for UCITS funds and does not indicate complexity in this context. 10. Transparency: The fund's holdings, strategy, and risks are clearly disclosed, making it suitable for retail investors. The absence of complex features like synthetic replication, leverage, or structured products, combined with the fund's physical replication method and UCITS compliance, supports the non-complex classification. The high-risk rating is due to the underlying investments (smaller companies, emerging markets) rather than the fund's structure.",
    "confidence": 95
}