{
    "fund_name": "Global X Wind Energy 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 Solactive Wind Energy v2 Index, which consists of companies involved in wind energy. There is no mention of synthetic replication, leverage, inverse strategies, or complex derivatives. The risk profile is categorized as level 6, but this is primarily due to the volatility of the underlying wind energy sector rather than structural complexity. The KIID does not indicate the use of swaps, unfunded swaps, or derivative instruments beyond standard portfolio management. The fund is UCITS-compliant, which generally implies adherence to strict regulatory standards that limit complexity. The absence of capital protection features, structured products, or illiquid assets further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "The high risk level (6) might suggest complexity, but this is sector-driven rather than structural. The fund's focus on a niche sector (wind energy) could be seen as requiring specialized knowledge, but UCITS regulations and physical replication mitigate this concern.",
    "final_decision_override": "The fund's physical replication and lack of derivative usage override the sector-specific risk concerns, as MiFID II complexity is more about structural features than market volatility."
}