{
    "fund_name": "Invesco NASDAQ Next Generation 100 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 Next Generation 100 Index, holding all securities in their respective weightings. There is no mention of leverage, inverse strategies, or synthetic replication. The risk profile is straightforward, with a risk category of 6 primarily due to equity market exposure rather than structural complexity. The fund engages in securities lending, but this is a common practice and does not inherently add complexity. The KIID and factsheet confirm the fund's simplicity, with no complex underlying assets or capital protection mechanisms.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the risk category of 6 indicates complexity, but this is due to the equity market risk rather than structural complexity. The fund's physical replication and straightforward investment strategy outweigh this concern.",
    "final_decision": "The ETF is classified as non-complex due to its physical replication method, lack of leverage or derivatives, and straightforward investment strategy."
}