{
    "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 Invesco Global Clean Energy UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication (as confirmed in the PRIIPs KID and fact sheet), which is a non-complex indicator. 2. Derivative Usage: While the KIID mentions the fund 'may use derivative instruments for the purposes of managing risk, reducing costs or generating additional capital or income,' this is a standard disclosure and does not indicate extensive or complex derivative usage. There is no evidence of synthetic replication, swaps, or leverage. 3. Risk Profile: The fund's risk rating is 7 (out of 7), but this is primarily due to its focus on small-cap clean energy companies and emerging markets, not derivative-related complexity. 4. Transparency: The fund tracks a transparent, rules-based index (WilderHill New Energy Global Innovation Index) with clear sector and geographic allocations. 5. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. 6. No Complex Features: There are no capital protection mechanisms, structured products, or inverse/leveraged strategies. The fund's objective is straightforward: to track the performance of the underlying index.",
    "confidence": 95
}