{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated, actively managed equity fund that aims to outperform the MSCI World Index through stock selection. Key points supporting non-complex classification: 1) Uses physical replication of underlying equities; 2) No leverage or inverse strategies; 3) Derivatives are only mentioned for efficient portfolio management (EPM) purposes; 4) No synthetic replication or swap agreements; 5) Invests primarily in liquid, large-cap equities; 6) Risk profile (category 6) is typical for global equity funds; 7) No capital protection or structured features; 8) Simple fee structure with 0.25% ongoing charge; 9) UCITS compliant with standard risk disclosures. The ESG screening and active management do not introduce complexity under MiFID II rules.",
    "confidence": 95,
    "counter_argument_consideration": "While the fund uses derivatives for EPM, this is explicitly permitted under MiFID II without triggering complex status as it's not the primary investment strategy. The active management approach with ESG integration doesn't create structural complexity that would require specialist knowledge to understand.",
    "risk_level": 6,
    "benchmark_complexity": "standard",
    "underlying_assets": "liquid global equities",
    "esg_considerations": "ESG integration through screening and positive selection does not introduce complexity under MiFID II"
}