{
    "fund_name": "Guinness Sustainable Energy UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Active management with discretionary investment approach",
        "Potential exposure to illiquid or niche sectors (sustainable energy/technology)",
        "ESG screening may limit investable universe and increase concentration risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The fund uses physical replication (direct investment in equity securities) and does not employ leverage, inverse strategies, or synthetic replication via swaps. While it is actively managed with discretionary investment decisions, this does not inherently make it complex under MiFID II. The fund's complexity factors are primarily related to its sector focus and active management approach, which do not trigger the MiFID II complexity classification. The fund is UCITS-compliant, which further supports its non-complex classification. The risk profile (level 4) is moderate and aligns with the fund's investment strategy.",
    "confidence": 90
}