{
    "name": "First Trust Nasdaq Cybersecurity UCITS ETF",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Nasdaq CTA Cybersecurity Exclusions Index, with no evidence of leverage, inverse strategies, or synthetic replication. The risk profile (SRRI 6) is high but does not indicate complexity under MiFID II. The fund holds liquid equity securities, and there are no mentions of derivatives, swaps, or complex underlying assets. The KIID and factsheet confirm a straightforward index-tracking strategy with full physical replication.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "While the SRRI is high (6), this alone does not classify the ETF as complex under MiFID II. The high risk is due to sector concentration (cybersecurity) rather than structural complexity. The absence of derivatives, leverage, or synthetic replication supports the non-complex classification.",
    "final_decision": "The ETF is classified as non-complex because it uses physical replication, has no leverage or derivatives, and tracks a transparent equity index. The high risk rating is sector-driven, not structural."
}