{
    "is_complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust Dow Jones International Internet UCITS ETF is a physically replicated fund that directly holds the underlying securities of its benchmark index. The KIID and factsheet confirm it uses full physical replication without synthetic instruments, swaps, or leverage. The fund tracks a straightforward equity index (Dow Jones International Internet Index) composed of liquid, large-cap internet companies. While the fund has a high risk rating (7/7) due to sector concentration risks, this does not equate to complexity under MiFID II. The fund's risk stems from market exposure rather than structural complexity. The absence of derivatives, leverage, or synthetic replication methods, combined with UCITS compliance and clear index-tracking objectives, supports a non-complex classification.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "Some might argue the high risk rating (7/7) or exposure to Chinese VIE structures could indicate complexity. However, MiFID II complexity is determined by structural features (derivatives, leverage, etc.) rather than market risks. The VIE exposure is a market risk, not a structural complexity factor.",
    "final_decision": "The fund is classified as non-complex because it meets all criteria for straightforward, physically replicated ETFs under MiFID II, despite its high-risk sector exposure."
}