{
    "fund_name": "RIZE CIRCULAR ECONOMY ENABLERS UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex thematic index",
        "Small/micro-cap exposure",
        "Illiquid securities risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication (full replication) and does not employ leverage, inverse strategies, or swaps. The primary complexity factors are the thematic nature of the index (circular economy enablers), which may include smaller, less liquid companies, and the potential for higher volatility due to the focus on emerging sustainability trends. However, these factors do not meet MiFID II's criteria for 'complex' financial instruments, as the structure remains transparent and the risks are clearly disclosed. The fund's UCITS compliance and straightforward replication method further support the non-complex classification.",
    "confidence": 90
}