{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The WisdomTree Recycling Decarbonisation UCITS ETF uses physical replication to track the Tortoise Recycling Decarbonization UCITS Index. The KIID and PRIIPs KID confirm that the fund employs a 'fully replicated' approach, investing directly in the underlying securities of the index. There is no mention of synthetic replication, swaps, or derivative instruments beyond standard efficient portfolio management (e.g., repurchase/reverse repurchase agreements and stock lending arrangements, which are common for liquidity management and do not trigger complexity under MiFID II). The fund does not use leverage, inverse strategies, or capital protection mechanisms. The underlying index consists of publicly traded companies in recycling and waste management, which are straightforward and transparent. The risk profile is rated as 'lower risk' in the KIID, and the fund is UCITS-compliant, indicating regulatory approval for retail investors. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification. The fund's objective is to track a thematic index, and the replication method is physical, making it easily understandable for retail investors.",
    "confidence": 95
}