{
    "fund_name": "MSCI World SRI S-Series PAB 5% Capped",
    "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 (full or optimized) to track the MSCI World SRI S-Series PAB 5% Capped Index, with no evidence of synthetic replication, swaps, or derivative usage beyond standard portfolio management. The risk profile is driven by equity market exposure, and there are no indications of leverage, inverse strategies, or complex underlying assets. The ESG screening and capping methodology, while sophisticated, does not introduce structural complexity that would hinder retail investor understanding.",
    "confidence": 95,
    "risk_level": 4,
    "counterparty_risk": false,
    "structured_features": false,
    "illiquid_assets": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF's complexity is minimal due to its straightforward physical replication strategy and transparent underlying index. The ESG criteria and PAB alignment, while adding layers of methodology, do not inherently make the product complex under MiFID II rules. The absence of derivatives, leverage, or synthetic replication supports the non-complex classification."
}