{
    "fund_name": "Future of European Defence 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 employs physical replication by investing directly in the securities comprising the VettaFi Future of Defence Ex US Index. There is no mention of synthetic replication, leverage, inverse strategies, or complex derivatives. The risk profile is rated at 7, but this is primarily due to sector-specific risks (defense industry volatility, political risks) rather than structural complexity. The ETF does not use swaps, unfunded derivatives, or leverage. While the defense sector carries inherent risks, the fund's structure remains straightforward and transparent, aligning with UCITS compliance and non-complex classification under MiFID II.",
    "confidence": 95,
    "counter_argument": "The high risk rating (7) might suggest complexity, but this is driven by sectoral and geopolitical risks rather than structural or derivative-related factors. The absence of leverage, swaps, or synthetic replication confirms its non-complex nature.",
    "final_decision": "The ETF is classified as non-complex due to its physical replication method, lack of leverage or derivatives, and straightforward investment strategy, despite its high-risk sector focus."
}