{
    "name": "First Trust Dow Jones Internet UCITS ETF",
    "isn": "IE00BG0SSC32",
    "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 Dow Jones Internet Composite Index, holding the underlying equities directly. There is no mention of leverage, inverse strategies, or synthetic replication via swaps or derivatives. The risk profile is high (SRRI 7) due to the volatile nature of internet stocks, but this does not inherently make it complex under MiFID II. The fund is UCITS-compliant, which typically aligns with non-complex classifications. The KIID and factsheet confirm full physical replication with no derivative usage beyond standard portfolio management.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "Some might argue that the high SRRI (7) or the sector-specific risks (internet companies) could imply complexity. However, MiFID II complexity is more about structural features (derivatives, leverage, etc.) rather than market risk. The physical replication and lack of derivative usage override these concerns.",
    "final_assessment": "The ETF is classified as non-complex because it uses physical replication, has no leverage or derivatives beyond standard portfolio management, and is UCITS-compliant. The high risk level is due to market exposure, not structural complexity."
}