{
    "fund_name": "Future of 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 uses physical replication to track the EQM Future of Defence Index, investing directly in underlying securities without leverage, derivatives, or swaps. The risk profile (6) is primarily due to sector concentration in defence and cybersecurity, which is a thematic risk rather than structural complexity. The KIID does not mention any use of derivatives beyond standard portfolio management, and there are no indications of synthetic replication, leverage, or capital protection mechanisms. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "counter_argument": "Some might argue that the high risk rating (6) or sector-specific risks could imply complexity, but these are thematic risks rather than structural complexities. The absence of derivatives, leverage, or synthetic replication supports the non-complex classification.",
    "risk_level": 6,
    "additional_notes": "The ETF's focus on defence and cybersecurity sectors introduces thematic risks, but these do not inherently make the product complex under MiFID II. The physical replication and straightforward investment strategy are key factors in this determination."
}