{
    "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 Environmental Impact 100 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 fact sheet) with full replication of the underlying index, which is a non-complex indicator. 2. Derivative Usage: While the KIID mentions the possibility of using financial derivative instruments (FDIs), the fact sheet explicitly states physical replication with no mention of swaps or synthetic structures. The derivative reference in the KIID appears to be a standard disclosure rather than an active strategy. 3. Leverage/Inverse Exposure: No leverage or inverse exposure is mentioned in any document. 4. Underlying Assets: The fund invests in global equities with no mention of complex instruments like CoCos or CLOs. 5. Risk Profile: The fund's risk rating (6/7) is high due to its focus on innovative companies, but this is a standard equity risk and not indicative of structural complexity. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. 7. No Capital Protection: There are no capital protection mechanisms mentioned. The only potential counter-argument could be the high risk rating, but this reflects market risk rather than structural complexity. The physical replication method and lack of derivative usage in practice override this concern.",
    "confidence": 90
}