{
    "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 fund that invests primarily in European equities with an ESG focus. It does not employ leverage, inverse strategies, or synthetic replication. While derivatives may be used for efficient portfolio management, this is a standard practice and does not introduce complexity. The fund's risk profile (category 6) is primarily due to equity market volatility rather than structural complexity. The absence of swaps, leverage, or complex underlying assets supports a non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the ESG screening and Paris Agreement alignment introduce complexity. However, these are thematic investment criteria rather than structural complexities that would affect the MiFID II classification. The fund's transparency, liquidity, and straightforward equity exposure outweigh any potential complexity from its sustainability focus.",
    "risk_level": 6
}