{
    "fund_name": "First Trust Nasdaq Clean Edge Smart Grid Infrastructure 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 uses physical replication to track the Nasdaq OMX Clean Edge Smart Grid Infrastructure Exclusions Index. It does not employ leverage, inverse strategies, or synthetic replication methods. The KIID and factsheet indicate that the fund primarily holds equity securities directly, with no mention of derivative instruments, swaps, or complex structured products. The risk profile (SRRI 7) is high due to market volatility rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The factsheet confirms full physical replication and provides clear, detailed information about holdings, sectors, and risks, all of which are typical of non-complex instruments.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "While the SRRI of 7 indicates high volatility, this is due to market risk rather than structural complexity. The fund's use of physical replication and absence of derivatives or leverage align with non-complex classification criteria under MiFID II. The UCITS framework further supports this classification by ensuring transparency and liquidity."
}