{
    "fund_name": "SPDR MSCI USA Climate Paris Aligned 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 MSCI USA Climate Paris Aligned Index, with no evidence of leverage, inverse strategies, or synthetic replication. While derivatives may be used for efficient portfolio management, they are not a core part of the investment strategy. The fund's risk profile is transparent, and it invests in liquid, large- and mid-cap U.S. equities with a clear ESG focus. The KIID and factsheet do not indicate any complex structures, capital protection mechanisms, or significant counterparty risks. The fund is UCITS-compliant and classified as SFDR Article 8, further supporting its non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of derivatives for portfolio management could introduce complexity. However, the derivatives are used in a limited and controlled manner for efficient management rather than as a core strategy, and the overall structure remains straightforward and transparent. The fund's alignment with the Paris Agreement and ESG criteria does not introduce additional complexity from a MiFID II perspective.",
    "final_decision": "The ETF is classified as non-complex due to its physical replication strategy, lack of leverage or inverse exposure, and transparent investment in liquid equities. The use of derivatives is minimal and for portfolio management purposes only, not as a primary investment strategy."
}