{
    "fund_name": "Vanguard ESG Global All Cap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE Global All Cap Choice Index, which is a straightforward market-capitalization-weighted index. While the KIID mentions the potential use of derivatives for risk reduction or cost efficiency, there is no indication of extensive or complex derivative usage. The fund's risk profile (rated 6) is primarily due to its global equity exposure rather than structural complexity. The ESG screening adds a layer of exclusion criteria but does not introduce complexity in terms of MiFID II classification. The fund's documentation does not mention leverage, inverse strategies, or synthetic replication, and the use of derivatives is explicitly stated to be for risk reduction or cost management rather than as a core investment strategy.",
    "confidence": 95,
    "risk_level_assessment": "The fund's risk level of 6 is consistent with its global equity exposure and does not indicate structural complexity. The risks are typical of equity investments and are clearly disclosed."
}