{
    "fund_name": "OSSIAM US MINIMUM VARIANCE ESG NR UCITS ETF",
    "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 US ESG Minimum Variance Index NR, with no evidence of synthetic replication, leverage, or complex derivatives. The risk indicator is 6, but this is primarily due to equity market exposure rather than structural complexity. The fund holds liquid, large-cap US equities with ESG filters, and the optimization process is transparent. While the index methodology involves optimization, it does not introduce complexity beyond standard equity ETFs. The KIID and factsheet confirm physical replication and no use of swaps or derivatives beyond what might be used for efficient portfolio management (EPM).",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_features": false,
    "capital_protection": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF's complexity is mitigated by its UCITS compliance, physical replication, and straightforward equity exposure. The optimization process for the index is a quantitative method but does not introduce non-linear or hard-to-understand risks. The absence of leverage, inverse strategies, or significant derivative usage supports the non-complex classification."
}