{
    "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 Emerging Markets ex-State-Owned Enterprises UCITS ETF uses physical replication to track the WisdomTree Emerging Markets ex-State-Owned Enterprises ESG Screened Index. The KIID and PRIIPs KID confirm that the fund invests directly in the underlying securities of the index, with no mention of synthetic replication, swaps, or derivatives. The fund's investment objective is straightforward, focusing on equities from emerging markets excluding state-owned enterprises. The risk profile is rated 6/7, which is typical for equity ETFs and does not indicate complexity. The fund is UCITS-compliant, further supporting its non-complex classification. The fact sheet also confirms physical replication and no use of derivatives beyond efficient portfolio management. There are no indications of leverage, inverse exposure, or structured products. The fund's complexity factors are limited to typical equity market risks, which are well-understood by retail investors.",
    "confidence": 95
}