{
    "fund_name": "RIZE CYBERSECURITY AND DATA PRIVACY UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Foxberry Tematica Research Cybersecurity & Data Privacy Index)",
        "Technology sector focus with higher volatility",
        "Investment in small-cap companies"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage, inverse strategies, or swaps. The primary complexity factors are the thematic nature of the index (cybersecurity and data privacy) and the inclusion of small-cap companies, which may introduce higher volatility. However, these factors do not meet the MiFID II criteria for complexity, as the fund remains transparent, liquid, and suitable for retail investors. The use of derivatives is limited to efficient portfolio management, and the risk profile is clearly disclosed.",
    "confidence": 90,
    "risk_level": 7,
    "risk_reasoning": "The fund is rated 7 due to its focus on the technology sector, which is subject to cyclical declines and intense competition. Small-cap companies further increase volatility. However, the risk is primarily market-based and does not stem from structural complexity."
}