{
    "fund_name": "Invesco CoinShares Global Blockchain UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the CoinShares Blockchain Global Equity Index, with no indication of leverage, inverse strategies, or synthetic replication. The KIID and factsheet confirm it holds underlying securities directly, with no mention of derivatives or swaps beyond standard securities lending. The risk profile (category 7) is high due to equity and small-cap exposure, but this is not a complexity factor under MiFID II. The index composition is transparent, and the ETF is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95,
    "risk_level": "high (category 7)",
    "counter_argument": "The high risk rating (category 7) might suggest complexity, but this is due to the volatile nature of blockchain-related equities rather than structural complexity. The physical replication method and absence of derivatives or leverage confirm it is non-complex under MiFID II."
}