{
    "fund_name": "WisdomTree Global Automotive Innovators UCITS ETF - USD Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the WisdomTree Berylls LeanVal Global Automotive Innovators NTR Index, which consists of equities in the automotive sector. The KIID and factsheet indicate no use of leverage, derivatives, or swaps beyond standard efficient portfolio management (e.g., stock lending for EPM). The risk profile (SRRI 6) is due to sector concentration rather than structural complexity. The fund is UCITS-compliant, has a clear investment objective, and holds liquid, transparent securities. While the index methodology involves proprietary scoring (Focus Score and Fundamental Score), this does not introduce complexity under MiFID II as it remains a rules-based equity index. The absence of capital protection mechanisms, structured features, or illiquid assets further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some may argue that the proprietary index methodology (Focus Score and Fundamental Score) introduces complexity. However, this is a standard thematic equity index approach and does not involve derivatives or leverage. The use of stock lending for efficient portfolio management is permitted under MiFID II without triggering complexity, provided it is not a core part of the investment strategy.",
    "risk_level": "The SRRI of 6 reflects sector-specific risks (automotive industry volatility) rather than structural complexity. The fund's risk is linear and tied to its underlying equity holdings."
}