{
    "fund_name": "First Trust IPOX Europe Equity Opportunities 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 IPOX 100 Europe Index, which consists of liquid equity securities. There is no mention of leverage, inverse strategies, or significant derivative usage beyond potential depository receipts for exposure. The risk level is rated 6, but this is due to the volatility of the underlying equities rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protections and transparency requirements. The KIID and factsheet do not indicate any complex features such as capital protection mechanisms, structured products, or illiquid assets.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of depository receipts introduces complexity, but these are standard instruments for gaining exposure to foreign equities and do not inherently make the ETF complex under MiFID II. The high risk rating (6) is based on the volatility of the underlying assets rather than structural complexity.",
    "final_reasoning": "The ETF is classified as non-complex because it uses physical replication, invests in liquid equities, and does not employ leverage, inverse strategies, or significant derivatives. The UCITS compliance and transparency further support this classification."
}