{
    "fund_name": "WisdomTree Global Quality Dividend Growth UCITS ETF - USD",
    "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 Global Developed Quality Dividend Growth Index, which consists of dividend-paying companies from developed markets. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is moderate (SRRI 5), and the underlying assets are liquid equities. The KIID and factsheet confirm that the fund is physically replicated and does not use derivatives for investment purposes, only for efficient portfolio management (e.g., stock lending). The fund's strategy is transparent, and the risks are typical of equity investments.",
    "confidence": 95,
    "counter_argument": "While the fund uses stock lending and repurchase agreements for efficient portfolio management, these are standard practices in physically replicated ETFs and do not introduce complexity under MiFID II. The fund's risk profile (SRRI 5) is moderate and aligned with its equity exposure, and the underlying index is rules-based and transparent. The absence of leverage, inverse strategies, or synthetic replication further supports the non-complex classification.",
    "risk_level": 5
}