{
    "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 tracking the MSCI ACWI Index with an ESG overlay. It does not use leverage, inverse strategies, or synthetic replication. While derivatives may be used for efficient portfolio management (EPM), this is a standard practice and does not introduce complexity. The fund has a straightforward investment objective, invests in liquid equities, and has a clear risk profile (category 6 due to market volatility, not structural complexity). The absence of swaps, leverage, or complex underlying assets supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "benchmark_complexity": "low",
    "esg_integration": true,
    "counterparty_risk": "none",
    "liquidity_profile": "high",
    "cost_structure": "simple",
    "performance_fee": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "controversial_holdings": false,
    "comprehension_warning": false
}