{
    "name": "First Trust Capital Strength UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track The Capital Strength Index, with no evidence of leverage, inverse strategies, or synthetic replication. The KIID and factsheet confirm it invests directly in equity securities and REITs comprising the index, with minimal use of money market instruments. The risk level is rated 6, but this is due to market volatility rather than structural complexity. There are no mentions of derivatives, swaps, or complex underlying assets. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "The risk rating of 6 might suggest complexity, but this is based on market volatility rather than structural features. The absence of derivatives, leverage, or synthetic replication outweighs the risk rating in the MiFID II assessment.",
    "final_decision": "The ETF is classified as non-complex due to its straightforward physical replication strategy, lack of leverage or derivatives, and adherence to UCITS standards."
}