{
    "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 L&G Clean Energy UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Physical replication method: The fund uses 'physical - full replication' as stated in the fact sheet, meaning it directly invests in the securities of the underlying index rather than using synthetic methods. 2. No leverage or inverse exposure: There are no references to leverage, inverse strategies, or amplified returns in any of the documents. 3. Minimal derivative usage: While the KIID mentions the possibility of using financial derivative instruments (FDIs), this appears to be for efficient portfolio management rather than as a core strategy. The fact sheet confirms physical replication. 4. Straightforward index tracking: The fund tracks the Solactive Clean Energy Index NTR, which is a transparent, equally-weighted index of clean energy companies. 5. UCITS compliance: The fund is UCITS-compliant, which inherently limits complexity. 6. Risk profile: The fund is rated 7/7 for risk, but this appears to be due to the nature of clean energy investments rather than structural complexity. 7. No capital protection or structured features: There are no guarantees, barriers, or contingent return mechanisms. The only potential complexity factor would be the use of FDIs, but this appears to be for efficient portfolio management rather than as a core strategy. The fact sheet explicitly states 'physical - full replication', which overrides any derivative references in the KIID. The fund's structure is transparent and suitable for retail investors.",
    "confidence": 95
}