{
    "fund_name": "Invesco EQQQ NASDAQ-100 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco EQQQ NASDAQ-100 UCITS ETF is a physically replicated ETF that tracks the NASDAQ-100 Index. It does not use leverage, inverse strategies, or synthetic replication. The fund employs physical replication by holding the underlying securities of the index. While it may use foreign exchange transactions (typically FX forwards) for currency hedging, this is a standard practice for hedging purposes and does not introduce complexity under MiFID II. The fund's risk profile is clearly disclosed, and it does not involve complex underlying assets or capital protection mechanisms. The ongoing charge is straightforward, and the fund's performance is directly linked to the performance of the NASDAQ-100 Index.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of FX forwards for currency hedging could introduce complexity. However, FX forwards are a common and well-understood hedging tool, and their use in this context is for risk management rather than as a core part of the investment strategy. The fund's overall structure remains transparent and easily understandable for retail investors.",
    "risk_level": 6,
    "additional_notes": "The fund is UCITS-compliant, which generally indicates a higher level of investor protection and transparency. The absence of leverage, inverse strategies, and synthetic replication further supports the non-complex classification. The fund's risk level of 6 is due to the volatility of the NASDAQ-100 Index, not due to structural complexity."
}