{
    "fund_name": "WisdomTree Emerging Markets ex-State-Owned Enterprises 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 Emerging Markets ex-State-Owned Enterprises ESG Screened Index. It does not employ leverage, inverse strategies, or synthetic replication. The KIID and factsheet confirm that the fund holds physical securities and does not rely on derivatives or swaps for its primary investment strategy. The risk profile (SRRI 6) is primarily due to emerging market exposure rather than structural complexity. The fund's use of repurchase agreements and stock lending is limited to efficient portfolio management, which does not introduce complexity under MiFID II. The ESG screening and exclusion criteria are transparent and do not add structural complexity.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_features": false,
    "capital_protection": false,
    "benchmark_complexity": false,
    "additional_notes": "The ETF is UCITS-compliant and physically replicated, with no evidence of derivative usage beyond standard efficient portfolio management. The index methodology is straightforward, focusing on emerging market equities with ESG and government ownership filters. The absence of leverage, inverse strategies, or synthetic replication supports the non-complex classification."
}